Progress Software (NASDAQ:PRGS) Price Target Lowered to $46.00 at Citigroup

Progress Software (NASDAQ:PRGS) had its target price reduced by Citigroup from $60.00 to $46.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other brokerages have also weighed in on PRGS. Oppenheimer lowered their price objective on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday. Wedbush cut their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. DA Davidson dropped their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Jefferies Financial Group cut their price target on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.50.

Progress Software Stock Performance

Shares of PRGS stock opened at $25.09 on Wednesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.49. The company’s fifty day moving average price is $37.06 and its two-hundred day moving average price is $40.94. The firm has a market capitalization of $1.06 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.11 and a beta of 0.76. Progress Software has a 12 month low of $23.82 and a 12 month high of $65.50.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. During the same period last year, the firm earned $1.31 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. On average, research analysts anticipate that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 6,000 shares of the business’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 completion of the sale, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. The trade was a 10.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the sale, the executive vice president directly owned 15,542 shares in the company, valued at approximately $594,947.76. This represents a 9.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,546 shares of company stock worth $1,171,546 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. Hantz Financial Services Inc. increased its stake in Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after purchasing an additional 493 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of Progress Software in the 2nd quarter valued at about $41,000. Kemnay Advisory Services Inc. acquired a new position in shares of Progress Software in the 4th quarter valued at about $42,000. Advisors Asset Management Inc. grew its position 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 valued at $54,000 after buying an additional 604 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in shares of Progress Software by 1,042.5% during the 4th quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock valued at $55,000 after buying an additional 1,178 shares during the last quarter.

Progress Software News Roundup

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

• Positive Sentiment: Q1 results beat expectations: Progress reported stronger‑than‑expected EPS and revenue, lifted its full‑year outlook and cited robust demand for AI‑driven products — this underpinned an initial post‑quarter rally. PRGS’ Q1 Earnings Surpass Estimates
• Positive Sentiment: Product momentum: Progress launched Sitefinity Generative CMS to add AI search, personalization and conversational features — a strategic product update that supports medium/longer‑term growth expectations for AI‑driven revenue. Sitefinity Generative CMS Release
• Neutral Sentiment: Technicals and analyst revisions could flip direction: some outlets note PRGS is technically oversold after a sharp pullback, which could prompt a reversal if upward earnings revisions continue. This is speculative and depends on follow‑through buying. After Plunging 34% in 4 Weeks — Trend Might Reverse
• Negative Sentiment: Analysts are cutting price targets and forecasts despite keeping many positive ratings — multiple firms trimmed targets after Q1 (Citigroup, Jefferies, Wedbush, Oppenheimer), and some research notes downward revisions to near‑term forecasts; those actions increase near‑term downside risk and add selling pressure. Analysts Cut Forecasts After Q1

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.