Weiss Ratings Downgrades Progress Software (NASDAQ:PRGS) to Sell (D+)

Progress Software (NASDAQ:PRGS - Get Free Report) was downgraded by equities researchers at Weiss Ratings from a "hold (c-)" rating to a "sell (d+)" rating in a report issued on Saturday,Weiss Ratings reports.

PRGS has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Progress Software from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reissued a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group lowered their target price on shares of Progress Software from $60.00 to $50.00 and set a "hold" rating for the company in a research note on Tuesday, September 30th. Finally, Citigroup raised shares of Progress Software from a "neutral" rating to a "buy" rating and set a $57.00 target price for the company in a research note on Monday, October 13th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $46.01 on Friday. The firm has a market cap of $1.97 billion, a PE ratio of 41.83, a price-to-earnings-growth ratio of 2.10 and a beta of 0.67. The firm's fifty day moving average is $44.50 and its 200-day moving average is $52.37. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44. Progress Software has a 52 week low of $40.29 and a 52 week high of $70.56.

Insider Buying and Selling at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the sale, the insider directly owned 668 shares of the company's stock, valued at $30,901.68. The trade was a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 5,474 shares of the business's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.47, for a total transaction of $254,376.78. Following the sale, the chief financial officer directly owned 42,559 shares of the company's stock, valued at approximately $1,977,716.73. The trade was a 11.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,311 shares of company stock valued at $339,332. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Maseco LLP purchased a new position in Progress Software during the 2nd quarter worth $28,000. Quaker Wealth Management LLC boosted its holdings in Progress Software by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker's stock worth $29,000 after purchasing an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Progress Software during the second quarter worth about $41,000. Osaic Holdings Inc. boosted its holdings in Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock worth $62,000 after purchasing an additional 637 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after purchasing an additional 604 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.

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