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Progress Software Corp. (NASDAQ:PRGS) was downgraded by Zacks from an “outperform” rating to an “underperform” rating in a report released on Wednesday, AnalystRatings.Net reports. They currently have a $23.20 price objective on the stock. Zacks‘ price objective indicates a potential downside of 4.80% from the company’s current price.

Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 1.68% during mid-day trading on Wednesday, hitting $24.78. The stock had a trading volume of 85,681 shares. Progress Software Corp. has a one year low of $20.41 and a one year high of $26.95. The stock’s 50-day moving average is $25.49 and its 200-day moving average is $25.46. The company has a market cap of $1.282 billion and a P/E ratio of 18.00.

Progress Software Corp. (NASDAQ:PRGS) last released its earnings data on Thursday, January 2nd. The company reported $0.43 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.02. The company had revenue of $91.00 million for the quarter, compared to the consensus estimate of $90.84 million. During the same quarter last year, the company posted $0.23 earnings per share. Progress Software Corp.’s revenue was up 5.1% compared to the same quarter last year. On average, analysts predict that Progress Software Corp. will post $1.46 earnings per share for the current fiscal year.

Separately, analysts at JMP Securities downgraded shares of Progress Software Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday, December 12th. They now have a $28.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.04.

Progress Software Corporation is a global software company. The Company’s portfolio of products provides solutions for enterprise integration, data interoperability and application development, including software-as-a-service (NASDAQ:PRGS) enablement and delivery in the Cloud.

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