Citigroup Has Lowered Expectations for Progress Software (NASDAQ:PRGS) Stock Price

Progress Software (NASDAQ:PRGS - Free Report) had its price target lowered by Citigroup from $64.00 to $57.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the software maker's stock.

A number of other analysts have also recently issued reports on PRGS. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim restated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, June 27th. DA Davidson boosted their price objective on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Finally, Wedbush restated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and an average price target of $73.33.

Progress Software Stock Performance

NASDAQ PRGS traded up $0.85 during trading on Tuesday, hitting $48.51. The company's stock had a trading volume of 1,007,688 shares, compared to its average volume of 634,362. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The firm has a 50 day moving average price of $60.05 and a 200 day moving average price of $58.58. The firm has a market cap of $2.09 billion, a P/E ratio of 37.03, a price-to-earnings-growth ratio of 2.26 and a beta of 0.68. Progress Software has a 52 week low of $47.55 and a 52 week high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.30 by $0.10. The company had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company's revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.09 EPS. Equities research analysts forecast that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. Maseco LLP acquired a new position in Progress Software in the second quarter worth $28,000. Bessemer Group Inc. lifted its stake in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after acquiring an additional 296 shares during the period. Orion Capital Management LLC acquired a new position in shares of Progress Software during the fourth quarter valued at $33,000. Advisors Asset Management Inc. lifted its stake in shares of Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after acquiring an additional 604 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after acquiring an additional 326 shares during the period.

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.