StockNews.com Downgrades Progress Software (NASDAQ:PRGS) to Buy

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.

Several other brokerages also recently commented on PRGS. Oppenheimer lifted their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Citigroup upped their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. DA Davidson restated a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Trading Down 2.1 %

Shares of NASDAQ:PRGS opened at $53.00 on Thursday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.23 and a current ratio of 0.81. The stock’s 50-day moving average is $65.69 and its 200-day moving average is $62.39. The company has a market cap of $2.30 billion, a P/E ratio of 33.97, a P/E/G ratio of 6.24 and a beta of 0.93. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in PRGS. Dimensional Fund Advisors LP lifted its position in shares of Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after buying an additional 34,318 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the last quarter. Finally, Seizert Capital Partners LLC increased its position in shares of Progress Software by 3.3% during the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares in the last quarter.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.