Progress Software (NASDAQ:PRGS) Reaches New 52-Week Low Following Analyst Downgrade

Progress Software Corporation (NASDAQ:PRGS)’s share price reached a new 52-week low during mid-day trading on Friday after Citigroup lowered their price target on the stock from $57.00 to $54.00. Citigroup currently has a buy rating on the stock. Progress Software traded as low as $38.91 and last traded at $40.11, with a volume of 152302 shares changing hands. The stock had previously closed at $40.92.

PRGS has been the subject of several other reports. Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Jefferies Financial Group lowered their price target 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. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Finally, DA Davidson lowered their price objective on Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday. Four 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.40.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in Progress Software by 0.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 37,067 shares of the software maker’s stock valued at $2,366,000 after buying an additional 241 shares in the last quarter. F m Investments LLC grew its holdings in shares of Progress Software by 0.5% in the second quarter. F m Investments LLC now owns 54,408 shares of the software maker’s stock valued at $3,473,000 after purchasing an additional 271 shares during the period. California State Teachers Retirement System increased its position in Progress Software by 0.8% during the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after purchasing an additional 333 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in Progress Software by 4.7% during the second quarter. Integrated Investment Consultants LLC now owns 8,257 shares of the software maker’s stock worth $527,000 after purchasing an additional 372 shares during the period. Finally, Meritage Portfolio Management grew its stake in shares of Progress Software by 2.5% in the 2nd quarter. Meritage Portfolio Management now owns 15,302 shares of the software maker’s stock valued at $977,000 after buying an additional 375 shares during the period.

Progress Software Price Performance

The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 36.41, a P/E/G ratio of 1.76 and a beta of 0.61. The stock’s fifty day moving average price is $42.40 and its 200-day moving average price is $44.54. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22.

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.