Progress Software (NASDAQ:PRGS) was downgraded by Benchmark from a “hold” rating to a “sell” rating in a report issued on Thursday, March 8th.
Other analysts have also recently issued research reports about the company. BidaskClub cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Finally, Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.67.
Shares of NASDAQ:PRGS traded down $1.24 during midday trading on Thursday, reaching $37.21. 900,763 shares of the company’s stock traded hands, compared to its average volume of 576,872. Progress Software has a one year low of $28.63 and a one year high of $53.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 1.27. The company has a market cap of $1,783.58, a P/E ratio of 21.13 and a beta of 0.89.
Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its stake in Progress Software by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after buying an additional 44 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new stake in Progress Software during the 4th quarter worth about $235,000. Hartford Investment Management Co. acquired a new stake in Progress Software during the 3rd quarter worth about $286,000. Vident Investment Advisory LLC acquired a new stake in Progress Software during the 3rd quarter worth about $338,000. Finally, Meeder Asset Management Inc. lifted its position in Progress Software by 392.2% during the 4th quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock worth $341,000 after acquiring an additional 6,404 shares during the period. Institutional investors and hedge funds own 94.26% of the company’s stock.
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About Progress Software
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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