StockNews.com Downgrades Progress Software (NASDAQ:PRGS) to Buy

Progress Software (NASDAQ:PRGS) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Other equities research analysts also recently issued reports about the company. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Oppenheimer increased their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson restated a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday. Finally, Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Trading Down 5.5 %

Shares of PRGS stock traded down $3.14 during trading hours on Thursday, hitting $54.12. 2,109,446 shares of the company were exchanged, compared to its average volume of 733,987. The firm has a fifty day moving average of $65.96 and a 200 day moving average of $62.34. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.32 billion, a PE ratio of 34.69, a PEG ratio of 6.92 and a beta of 0.93.

Institutional Trading of Progress Software

Institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its holdings in Progress Software by 2.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 94,066 shares of the software maker’s stock valued at $5,104,000 after purchasing an additional 2,118 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after acquiring an additional 34,318 shares during the period. Canada Pension Plan Investment Board bought a new stake in Progress Software during the second quarter worth about $27,000. Sei Investments Co. raised its position in Progress Software by 374.0% during the second quarter. Sei Investments Co. now owns 39,786 shares of the software maker’s stock valued at $2,159,000 after purchasing an additional 31,393 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its position in shares of Progress Software by 5.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 95,129 shares of the software maker’s stock worth $5,162,000 after buying an additional 4,722 shares during the last quarter.

About Progress Software

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.