Progress Software Corporation (NASDAQ:PRGS – Get Free Report)’s share price reached a new 52-week low during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $64.00 to $57.00. Citigroup currently has a neutral rating on the stock. Progress Software traded as low as $47.56 and last traded at $47.66, with a volume of 1651294 shares changing hands. The stock had previously closed at $48.80.
PRGS has been the subject of several other reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Wedbush restated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. DA Davidson lifted their target price on Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, Wall Street Zen downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.33.
Read Our Latest Stock Analysis on PRGS
Insider Activity
In other news, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company’s stock, valued at approximately $2,307,320.23. The trade was a 11.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. QRG Capital Management Inc. lifted its holdings in shares of Progress Software by 1.8% in the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after acquiring an additional 187 shares during the last quarter. Vanguard Group Inc. raised its position in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after purchasing an additional 45,246 shares during the period. Sei Investments Co. lifted its stake in Progress Software by 22.7% in the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker’s stock worth $4,297,000 after purchasing an additional 12,191 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progress Software during the fourth quarter valued at approximately $15,432,000. Finally, Avantax Advisory Services Inc. grew its stake in shares of Progress Software by 5.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock valued at $405,000 after buying an additional 317 shares during the last quarter.
Progress Software Stock Performance
The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $2.09 billion, a PE ratio of 37.03, a P/E/G ratio of 2.26 and a beta of 0.68. The firm has a fifty day moving average price of $60.05 and a two-hundred day moving average price of $58.58.
Progress Software (NASDAQ:PRGS – Get Free Report) last announced its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. During the same quarter in the prior year, the company posted $1.09 EPS. Progress Software’s quarterly revenue was up 35.6% on a year-over-year basis. Research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.
About Progress Software
(Get Free Report)
Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.
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