Progress Software (NASDAQ:PRGS) Sets New 12-Month Low – Should You Sell?

Progress Software Corporation (NASDAQ:PRGS)’s stock price reached a new 52-week low on Monday . The stock traded as low as $40.22 and last traded at $40.5950, with a volume of 204218 shares trading hands. The stock had previously closed at $42.02.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRGS. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Monday, October 13th. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, September 30th. Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, September 30th. Finally, Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average price target of $68.00.

Progress Software Stock Down 1.1%

The stock has a market capitalization of $1.69 billion, a P/E ratio of 35.85, a P/E/G ratio of 1.95 and a beta of 0.67. 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 stock’s 50 day simple moving average is $43.61 and its 200 day simple moving average is $50.45.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, September 29th. The software maker reported $1.50 EPS for the quarter, topping the consensus estimate of $1.30 by $0.20. The business had revenue of $249.80 million for the quarter, compared to analysts’ expectations of $240.11 million. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The company’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.26 earnings per share. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS. Q4 2025 guidance at 1.290-1.350 EPS. As a group, research analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 5,474 shares of Progress Software stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. The trade was a 11.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total transaction of $66,059.28. Following the sale, the insider owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,311 shares of company stock worth $339,332 over the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

Hedge funds have recently made changes to their positions in the stock. DLD Asset Management LP grew its position in Progress Software by 31.5% in the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after purchasing an additional 10,300,000 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Progress Software in the 3rd quarter worth approximately $16,324,000. Marshall Wace LLP grew its holdings in Progress Software by 732.6% in the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock worth $15,700,000 after buying an additional 314,459 shares in the last quarter. Swedbank AB boosted its position in Progress Software by 65.8% during the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock worth $37,538,000 after acquiring an additional 289,122 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its stake in shares of Progress Software by 145.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock worth $20,410,000 after purchasing an additional 275,205 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.