Progress Software (NASDAQ:PRGS) Stock Price Down 8.4% - What's Next?

Key Points

• Progress Software shares fell 8.4% intraday to about $27.82 from $30.37, on unusually light trading (178,755 shares, roughly 84% below average), indicating a sharp price move without heavy volume.
• Several brokers trimmed price targets (e.g., Oppenheimer 70→57, Wedbush 65→45, DA Davidson 70→50, Jefferies 45→34) and Weiss cut to a sell, yet MarketBeat's consensus remains a Moderate Buy with a $52.50 target after Progress slightly beat Q1 EPS and revenue estimates.
• Insiders sold about 30,546 shares (~$1.17M) in the past 90 days and the company shows leverage/liquidity concerns (debt-to-equity ~1.97 and current ratio ~0.47), which may weigh on investor sentiment despite strong ROE.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report)'s stock price fell 8.4% during mid-day trading on Thursday . The stock traded as low as $27.86 and last traded at $27.8150. 178,755 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,095,075 shares. The stock had previously closed at $30.37.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRGS. Oppenheimer dropped their target price on Progress Software from $70.00 to $57.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. Wedbush dropped their target price on Progress Software from $65.00 to $45.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. DA Davidson dropped their target price on Progress Software from $70.00 to $50.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Jefferies Financial Group dropped their target price on Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a research report on Tuesday, March 31st. Finally, Weiss Ratings cut Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and a consensus target price of $52.50.

Progress Software Trading Down 9.4%

The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market capitalization of $1.16 billion, a PE ratio of 14.08, a PEG ratio of 1.28 and a beta of 0.76. The stock has a 50-day moving average price of $33.13 and a two-hundred day moving average price of $39.45.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating 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 firm had revenue of $248.00 million for the quarter, compared to analysts' expectations of $246.40 million. During the same period in the previous year, the firm earned $1.31 EPS. The business's quarterly revenue was up 4.1% on a year-over-year basis. As a group, equities analysts forecast that Progress Software Corporation will post 4.68 earnings per share for the current year.

Insider Transactions at Progress Software

In other news, EVP Sundar Subramanian sold 21,594 shares of Progress Software stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total transaction of $813,014.10. Following the transaction, the executive vice president directly owned 15,542 shares of the company's stock, valued at $585,156.30. The trade was a 58.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 6,000 shares of Progress Software stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total value of $240,000.00. Following the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. The trade was a 10.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 30,546 shares of company stock worth $1,171,546. Insiders own 4.10% of the company's stock.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC bought a new stake in Progress Software during the 1st quarter valued at approximately $280,000. Louisiana State Employees Retirement System bought a new stake in Progress Software during the 1st quarter valued at approximately $480,000. OP Asset Management Ltd bought a new stake in Progress Software during the 1st quarter valued at approximately $167,000. SG Americas Securities LLC raised its stake in Progress Software by 229.2% during the 1st quarter. SG Americas Securities LLC now owns 92,819 shares of the software maker's stock valued at $2,381,000 after purchasing an additional 64,624 shares during the period. Finally, Hsbc Holdings PLC raised its stake in Progress Software by 19.8% during the 4th quarter. Hsbc Holdings PLC now owns 30,893 shares of the software maker's stock valued at $1,327,000 after purchasing an additional 5,096 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.