Progress Software (NASDAQ:PRGS) Trading Down 5% – Time to Sell?

Progress Software Corporation (NASDAQ:PRGS) shares were down 5% during mid-day trading on Friday . The stock traded as low as $41.19 and last traded at $40.7970. Approximately 80,811 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 452,214 shares. The stock had previously closed at $42.96.

Analyst Ratings Changes

Several brokerages recently weighed in on PRGS. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Monday, October 13th. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Finally, Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Progress Software Stock Performance

The company has a fifty day moving average price of $42.65 and a two-hundred day moving average price of $46.01. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The company has a market capitalization of $1.76 billion, a P/E ratio of 37.34, a PEG ratio of 1.81 and a beta of 0.61.

Hedge Funds Weigh In On Progress Software

Several large investors have recently modified their holdings of the business. DLD Asset Management LP grew its stake in shares of Progress Software by 31.5% in the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after purchasing an additional 10,300,000 shares during the last quarter. Boston Trust Walden Corp raised its position in Progress Software by 8.6% during the 3rd quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after purchasing an additional 153,957 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 26.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after buying an additional 243,950 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Progress Software by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock valued at $50,044,000 after buying an additional 20,669 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock valued at $68,155,000 after buying an additional 5,187 shares during the last quarter.

Progress Software Company Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.