Progress Software (NASDAQ:PRGS) Reaches New 12-Month Low - What's Next?

Key Points

• Progress Software Corporation's shares reached a new 52-week low of $43.53, closing at $44.39 with over 1 million shares traded.
• Despite recent stock performance, analysts maintain a consensus target price of $73.33 and a "Moderate Buy" rating, with five analysts giving buy ratings.
• The company's latest quarterly results exceeded expectations with earnings per share (EPS) of $1.40, up from $1.09 year-over-year, and revenue increase of 35.6% to $237.36 million.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $43.53 and last traded at $44.39, with a volume of 1077839 shares changing hands. The stock had previously closed at $44.34.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRGS. Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, June 27th. DA Davidson increased their price objective on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Wedbush reaffirmed an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Citigroup decreased their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $73.33.

Progress Software Trading Up 0.1%

The business has a 50 day simple moving average of $55.85 and a 200-day simple moving average of $56.94. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 33.89, a price-to-earnings-growth ratio of 2.10 and a beta of 0.70.

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

Insider Activity

In other news, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares of the company's stock, valued at $2,307,320.23. The trade was a 11.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Krall bought 5,125 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were bought at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director owned 100,090 shares in the company, valued at approximately $4,894,401. This trade represents a 5.40% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently modified their holdings of the stock. Avantax Advisory Services Inc. increased its holdings in Progress Software by 3.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock worth $329,000 after purchasing an additional 185 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after purchasing an additional 187 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in Progress Software by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock worth $290,000 after purchasing an additional 239 shares during the last quarter. First Trust Advisors LP increased its holdings in Progress Software by 0.3% during the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock worth $6,248,000 after purchasing an additional 281 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Progress Software by 149.5% in the 4th 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.