Progress Software (NASDAQ:PRGS) Price Target Cut to $54.00 by Analysts at Citigroup

Progress Software (NASDAQ:PRGS) had its price objective lowered by Citigroup from $57.00 to $54.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Several other brokerages also recently issued reports on PRGS. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. DA Davidson decreased their price target on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday. Jefferies Financial Group cut their price objective on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Monday, January 5th. Finally, Weiss Ratings cut 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 assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.40.

Progress Software Trading Down 2.1%

Shares of Progress Software stock opened at $40.05 on Friday. Progress Software has a 1 year low of $38.91 and a 1 year high of $65.50. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The business has a 50 day moving average price of $42.40 and a 200 day moving average price of $44.62. The company has a market capitalization of $1.72 billion, a P/E ratio of 36.41, a P/E/G ratio of 1.80 and a beta of 0.61.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its stake in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after buying an additional 604 shares during the period. AQR Capital Management LLC boosted its holdings in Progress Software by 16.9% in the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock valued at $2,194,000 after acquiring an additional 6,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Progress Software by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock valued at $1,321,000 after acquiring an additional 1,454 shares during the period. Goldman Sachs Group Inc. increased its stake in Progress Software by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after acquiring an additional 241,515 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Progress Software by 206.8% during the first quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock worth $5,734,000 after acquiring an additional 75,044 shares during the last quarter.

About Progress Software

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.