Progress Software (NASDAQ:PRGS) Price Target Cut to $34.00 by Analysts at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price objective reduced by Jefferies Financial Group from $45.00 to $34.00 in a research report released on Tuesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Citigroup boosted their price objective on shares of Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wedbush reduced their target price on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday. Oppenheimer decreased their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research report on Tuesday. DA Davidson lowered their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Finally, Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

Progress Software Stock Performance

PRGS opened at $25.65 on Tuesday. Progress Software has a 12-month low of $24.72 and a 12-month high of $65.50. The firm has a market capitalization of $1.08 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 0.57. The stock’s 50 day moving average price is $37.41 and its two-hundred day moving average price is $41.05. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.18.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 44.35%. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $246.40 million. During the same quarter last year, the company posted $1.31 earnings per share. Progress Software’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Progress Software will post 4.01 earnings per share for the current year.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the sale, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. This represents a 10.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Sundar Subramanian sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total value of $61,248.00. Following the transaction, the executive vice president owned 15,542 shares of the company’s stock, valued at $594,947.76. This trade represents a 9.33% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,546 shares of company stock worth $1,171,546. 3.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRGS. Diamond Hill Capital Management Inc. lifted its holdings in Progress Software by 145.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after purchasing an additional 275,205 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after buying an additional 243,950 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Progress Software during the third quarter worth about $5,175,000. Segall Bryant & Hamill LLC grew its stake in Progress Software by 19.4% during the third quarter. Segall Bryant & Hamill LLC now owns 643,145 shares of the software maker’s stock worth $28,253,000 after buying an additional 104,611 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Progress Software by 183.0% during the third quarter. LSV Asset Management now owns 362,000 shares of the software maker’s stock worth $15,903,000 after buying an additional 234,100 shares in the last quarter.

Progress Software News Summary

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Q1 results beat and outlook lifted — Progress reported fiscal Q1 revenue of about $248M and EPS of $1.60 (vs. consensus ~ $1.57), with management raising full‑year earnings guidance on strong demand for AI‑enabled products. This initially supported upside in the shares. PRGS’ Q1 Earnings Surpass Estimates
• Positive Sentiment: Product/AI roadmap support — Progress launched Sitefinity Generative CMS to deliver AI search, personalization and conversational experiences, reinforcing the company’s AI product positioning that management cited on the call. Sitefinity Generative CMS Release
• Neutral Sentiment: Market reaction was mixed intraday — several outlets reported an initial post‑earnings pop and conference‑call takeaways showing improved operating cash flow and margin trends, but that momentum proved short‑lived. Earnings Call Highlights
• Neutral Sentiment: Fundamentals and balance sheet considerations — investors may note low liquidity ratios (current/quick ~0.49) and elevated debt/equity; these magnify sensitivity to sentiment shifts even when quarterly results are solid. No single article
• Negative Sentiment: Analyst downgrades and price‑target cuts pressured the stock — multiple firms trimmed targets and adjusted forecasts after the print, with some lowering ratings (Jefferies cut its target and set a “hold”). Those calls appear to have driven sizeable sell pressure despite the beat. Analysts Cut Forecasts After Q1
• Negative Sentiment: Notable individual cuts — Jefferies lowered its target to $34 and moved to “hold”; Wedbush and Oppenheimer also trimmed targets (to $45 and $57 respectively), which likely amplified selling given the prior higher targets. Benzinga coverage of price targets

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.