Progress Software (NASDAQ:PRGS) Hits New 1-Year Low After Analyst Downgrade

Shares of Progress Software Corporation (NASDAQ:PRGS) hit a new 52-week low during trading on Friday after DA Davidson lowered their price target on the stock from $75.00 to $70.00. DA Davidson 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. The stock had previously closed at $40.92.

Several other equities research analysts also recently issued reports on PRGS. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Monday, October 13th. Finally, Jefferies Financial Group cut their price target on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. Prudential Financial Inc. raised its position in shares of Progress Software by 61.2% in the second quarter. Prudential Financial Inc. now owns 93,916 shares of the software maker’s stock valued at $5,996,000 after purchasing an additional 35,660 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Progress Software in the 2nd quarter valued at about $411,000. Intech Investment Management LLC raised its holdings in Progress Software by 59.0% in the 2nd quarter. Intech Investment Management LLC now owns 44,853 shares of the software maker’s stock valued at $2,863,000 after acquiring an additional 16,651 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Progress Software by 26.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after acquiring an additional 243,950 shares during the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Progress Software during the second quarter worth approximately $398,000.

Progress Software Stock Down 1.8%

The company has a market cap of $1.72 billion, a price-to-earnings ratio of 36.50, a P/E/G ratio of 1.82 and a beta of 0.61. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a 50-day moving average price of $42.44 and a 200 day moving average price of $44.78.

About Progress Software

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.