Progress Software (NASDAQ:PRGS) Cut to “Sell (D+)” at Weiss Ratings

Weiss Ratings cut shares of Progress Software (NASDAQ:PRGS) from a hold (c-) rating to a sell (d+) rating in a research report sent to investors on Saturday morning,Weiss Ratings reports.

A number of other analysts have also recently weighed in on the stock. DA Davidson restated a “buy” rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Jefferies Financial Group reduced their target price on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, September 30th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Monday, October 13th. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, June 27th. Finally, Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Stock Performance

NASDAQ:PRGS opened at $45.72 on Friday. Progress Software has a twelve month low of $40.29 and a twelve month high of $70.56. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The company has a 50-day moving average of $44.50 and a 200-day moving average of $52.25. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 41.56, a price-to-earnings-growth ratio of 2.10 and a beta of 0.67.

Insider Buying and Selling

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the sale, the insider directly owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rainer Gawlick bought 1,710 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were bought at an average cost of $43.48 per share, with a total value of $74,350.80. Following the purchase, the director directly owned 55,544 shares in the company, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 7,311 shares of company stock worth $339,332. 3.60% of the stock is owned by company insiders.

Institutional Trading of Progress Software

A number of institutional investors have recently bought and sold shares of the company. DLD Asset Management LP boosted its position in Progress Software by 31.5% during the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock valued at $2,745,120,000 after purchasing an additional 10,300,000 shares during the last quarter. Boston Trust Walden Corp lifted its holdings in shares of Progress Software by 8.6% during the 3rd quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock valued at $85,693,000 after buying an additional 153,957 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Progress Software by 26.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after buying an additional 243,950 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Progress Software by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock valued at $68,155,000 after buying an additional 5,187 shares during the last quarter. Finally, Swedbank AB lifted its stake in Progress Software by 3.0% in the third quarter. Swedbank AB now owns 744,226 shares of the software maker’s stock valued at $32,694,000 after acquiring an additional 21,500 shares during 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.