Citigroup Lowers Progress Software (NASDAQ:PRGS) Price Target to $46.00

Progress Software (NASDAQ:PRGS) had its price objective dropped by investment analysts at Citigroup from $60.00 to $46.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 78.57% from the company’s previous close.

Several other research firms have also commented on PRGS. Oppenheimer dropped their price objective on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday. Jefferies Financial Group reduced their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday. Wedbush lowered their target price on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday. DA Davidson dropped their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Trading Up 2.7%

Shares of NASDAQ PRGS opened at $25.76 on Wednesday. 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 business’s 50 day moving average is $36.72 and its two-hundred day moving average is $40.84. The stock has a market capitalization of $1.08 billion, a P/E ratio of 13.21, a PEG ratio of 1.07 and a beta of 0.76.

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

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction 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 owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sundar Subramanian sold 21,594 shares of Progress Software stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total value of $813,014.10. Following the sale, the executive vice president owned 15,542 shares of the company’s stock, valued at approximately $585,156.30. This trade represents a 58.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,546 shares of company stock worth $1,171,546 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Trust Walden Corp grew its stake in Progress Software by 8.6% in the 3rd quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after acquiring an additional 153,957 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of 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 valued at $53,302,000 after acquiring an additional 243,950 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Progress Software by 1.8% during 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 acquiring an additional 20,669 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Progress Software by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock valued at $46,468,000 after purchasing an additional 6,095 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after purchasing an additional 619,800 shares during the period.

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.