Progress Software (NASDAQ:PRGS) Trading Down 5.2% – What’s Next?

Progress Software Co. (NASDAQ:PRGS)’s share price was down 5.2% during mid-day trading on Thursday . The company traded as low as $54.31 and last traded at $54.28. Approximately 987,534 shares changed hands during mid-day trading, an increase of 52% from the average daily volume of 650,260 shares. The stock had previously closed at $57.26.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRGS. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday. Oppenheimer raised their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Trading Down 5.5 %

The business has a 50 day simple moving average of $66.22 and a two-hundred day simple moving average of $62.40. The company has a market cap of $2.32 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 6.92 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its holdings in Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after buying an additional 42,773 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the last quarter. Seizert Capital Partners LLC boosted its holdings in Progress Software by 3.3% in the third 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 during the period. Leuthold Group LLC increased its stake in Progress Software by 958.1% during the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after purchasing an additional 371,026 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in shares of Progress Software during the second quarter worth $1,378,000.

Progress Software Company Profile

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.