Progress Software (NASDAQ:PRGS) Shares Down 7.3% – Here’s Why

Shares of Progress Software Corporation (NASDAQ:PRGS) traded down 7.3% on Monday . The company traded as low as $27.43 and last traded at $27.5250. 440,560 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 958,295 shares. The stock had previously closed at $29.68.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Jefferies Financial Group dropped their price objective on Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Wedbush cut their price objective on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Citigroup cut their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Finally, DA Davidson reduced their target price on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Trading Down 6.9%

The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $1.16 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.27 and a beta of 0.83. The firm has a fifty day moving average price of $29.64 and a 200-day moving average price of $35.59.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The business had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same period last year, the company posted $1.31 earnings per share. Progress Software’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Progress Software Corporation will post 4.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC grew its position in shares of Progress Software by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock valued at $358,000 after acquiring an additional 258 shares during the period. California State Teachers Retirement System raised its holdings in shares of Progress Software by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after purchasing an additional 333 shares during the period. Susquehanna Fundamental Investments LLC raised its holdings in shares of Progress Software by 0.9% in the 4th quarter. Susquehanna Fundamental Investments LLC now owns 48,522 shares of the software maker’s stock worth $2,085,000 after purchasing an additional 450 shares during the period. Hantz Financial Services Inc. lifted its stake in Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after purchasing an additional 493 shares during the last quarter. Finally, Advisory Research Inc. lifted its stake in Progress Software by 3.8% in the third quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock valued at $668,000 after purchasing an additional 562 shares during the last quarter.

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.