Progress Software (NASDAQ:PRGS) Shares Gap Down – Here’s What Happened

Progress Software Co. (NASDAQ:PRGS) gapped down prior to trading on Wednesday . The stock had previously closed at $63.52, but opened at $60.85. Progress Software shares last traded at $59.00, with a volume of 273,298 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Jefferies Financial Group increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Trading Down 5.5 %

The firm has a market capitalization of $2.35 billion, a PE ratio of 34.69, a PEG ratio of 6.24 and a beta of 0.93. The business has a fifty day moving average price of $65.96 and a two-hundred day moving average price of $62.34. The company has a current ratio of 0.81, a quick ratio of 1.23 and a debt-to-equity ratio of 3.48.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the 2nd quarter worth approximately $27,000. GAMMA Investing LLC raised its position in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the period. TD Private Client Wealth LLC lifted its stake in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares during the period. Finally, KBC Group NV grew its stake in shares of Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 shares in the last quarter.

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.