Progress Software (NASDAQ:PRGS) Sets New 52-Week Low Following Analyst Downgrade

Progress Software Corporation (NASDAQ:PRGS)’s share price hit a new 52-week low during mid-day trading on Friday after DA Davidson lowered their price target on the stock from $75.00 to $70.00. DA Davidson currently has a buy rating on the stock. Progress Software traded as low as $38.91 and last traded at $40.11, with a volume of 152302 shares changing hands. The stock had previously closed at $40.92.

Several other equities research analysts have also weighed in on PRGS. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Jefferies Financial Group decreased their price target on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, January 5th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Monday, October 13th. Finally, Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Progress Software has an average rating of “Moderate Buy” and a consensus target price of $66.00.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently modified their holdings of the stock. DLD Asset Management LP boosted its stake in Progress Software by 31.5% during 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 acquiring an additional 10,300,000 shares during the last quarter. Boston Trust Walden Corp boosted its position in shares of Progress Software by 8.6% during the third quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after purchasing an additional 153,957 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Progress Software by 26.1% in 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 period. Dimensional Fund Advisors LP increased its position in shares of Progress Software by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock valued at $50,044,000 after buying an additional 20,669 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Progress Software by 0.5% during the second quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock worth $68,155,000 after acquiring an additional 5,187 shares in the last quarter.

Progress Software Trading Down 1.8%

The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market capitalization of $1.72 billion, a P/E ratio of 36.50, a price-to-earnings-growth ratio of 1.82 and a beta of 0.61. The company has a fifty day simple moving average of $42.44 and a two-hundred day simple moving average of $44.78.

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.