Jefferies Financial Group Cuts Progress Software (NASDAQ:PRGS) Price Target to $34.00

Progress Software (NASDAQ:PRGS) had its target price trimmed by Jefferies Financial Group from $45.00 to $34.00 in a report published on Tuesday,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

A number of other equities analysts have also issued reports on PRGS. DA Davidson lowered their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Citigroup increased their price objective on Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Wedbush lowered their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Oppenheimer dropped their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Stock Up 2.7%

Shares of NASDAQ:PRGS opened at $25.76 on Tuesday. Progress Software has a 1-year low of $23.82 and a 1-year high of $65.50. 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 stock has a market cap of $1.08 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.07 and a beta of 0.76. The firm has a fifty day moving average price of $36.72 and a 200 day moving average price of $40.84.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same period in the previous year, the business posted $1.31 earnings per share. Progress Software’s quarterly revenue was up 4.1% on a year-over-year basis. Sell-side analysts predict that Progress Software will post 4.01 EPS for the current year.

Insider Activity

In other news, EVP Sundar Subramanian sold 21,594 shares of Progress Software stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total transaction of $813,014.10. Following the completion of the sale, the executive vice president directly owned 15,542 shares in the company, valued at approximately $585,156.30. This trade represents a 58.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,546 shares of company stock worth $1,171,546 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently bought and sold shares of the company. Boston Trust Walden Corp raised its holdings in Progress Software by 8.6% during the third quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after purchasing an additional 153,957 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after purchasing an additional 243,950 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Progress Software by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock valued at $50,044,000 after buying an additional 20,669 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Progress Software by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock worth $46,468,000 after buying an additional 6,095 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of Progress Software by 171.2% during the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after buying an additional 619,800 shares during the last quarter.

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.