Progress Software (NASDAQ:PRGS) Stock Rating Lowered by Wall Street Zen

Progress Software (NASDAQ:PRGS - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other research firms have also recently commented on PRGS. Citigroup reiterated a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Guggenheim reaffirmed a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. DA Davidson upped their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday. 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and an average price target of $75.17.

Progress Software Stock Up 0.4%

Shares of Progress Software stock opened at $54.14 on Friday. The firm's 50 day moving average price is $61.68 and its 200-day moving average price is $59.46. The company has a quick ratio of 0.79, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software has a 52-week low of $50.68 and a 52-week high of $70.56. The company has a market cap of $2.33 billion, a P/E ratio of 41.33, a PEG ratio of 2.57 and a beta of 0.68.

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

Insiders Place Their Bets

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Large investors have recently modified their holdings of the business. Bessemer Group Inc. grew its holdings 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 worth $33,000 after buying an additional 296 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Progress Software during the 4th quarter valued at about $33,000. Smartleaf Asset Management LLC boosted its position in shares of Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after acquiring an additional 688 shares during the last quarter. Advisors Asset Management Inc. boosted its position 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 acquiring an additional 604 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Progress Software by 25.0% during the 1st 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 last quarter.

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.

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