Citigroup Cuts Progress Software (NASDAQ:PRGS) Price Target to $54.00

Progress Software (NASDAQ:PRGS) had its price target trimmed by Citigroup from $57.00 to $54.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group cut their target price on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, January 5th. DA Davidson dropped their price objective on Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.40.

Progress Software Stock Down 2.1%

NASDAQ:PRGS opened at $40.05 on Friday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. Progress Software has a 12-month low of $38.91 and a 12-month high of $65.50. The stock’s fifty day simple moving average is $42.40 and its 200-day simple moving average is $44.48. The firm has a market capitalization of $1.72 billion, a P/E ratio of 36.41, a P/E/G ratio of 1.76 and a beta of 0.61.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. grew its stake in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Progress Software by 16.9% during the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock worth $2,194,000 after purchasing an additional 6,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Progress Software by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock valued at $1,321,000 after purchasing an additional 1,454 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Progress Software by 75.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after buying an additional 241,515 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Progress Software by 206.8% in the 1st quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock valued at $5,734,000 after buying an additional 75,044 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.