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

Progress Software (NASDAQ:PRGS) had its target price cut by equities researchers at Citigroup from $57.00 to $54.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 34.65% from the stock’s current price.

Other analysts have also recently issued reports about the stock. DA Davidson reduced their target price on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Jefferies Financial Group dropped their price target on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, January 5th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.40.

Progress Software Price Performance

NASDAQ PRGS traded down $0.82 on Friday, reaching $40.10. The company’s stock had a trading volume of 304,135 shares, compared to its average volume of 591,973. Progress Software has a twelve month low of $38.91 and a twelve month high of $65.50. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44. The firm’s 50 day moving average is $42.44 and its two-hundred day moving average is $44.78. The stock has a market cap of $1.72 billion, a PE ratio of 36.49, a PEG ratio of 1.82 and a beta of 0.61.

Institutional Trading of Progress Software

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its position in Progress Software by 0.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 37,067 shares of the software maker’s stock valued at $2,366,000 after buying an additional 241 shares during the last quarter. F m Investments LLC boosted its holdings in Progress Software by 0.5% during the second quarter. F m Investments LLC now owns 54,408 shares of the software maker’s stock worth $3,473,000 after purchasing an additional 271 shares during the last quarter. California State Teachers Retirement System boosted its holdings in Progress Software by 0.8% during the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after purchasing an additional 333 shares during the last quarter. Integrated Investment Consultants LLC grew its position in Progress Software by 4.7% in the second quarter. Integrated Investment Consultants LLC now owns 8,257 shares of the software maker’s stock valued at $527,000 after purchasing an additional 372 shares in the last quarter. Finally, Meritage Portfolio Management increased its stake in Progress Software by 2.5% in the 2nd quarter. Meritage Portfolio Management now owns 15,302 shares of the software maker’s stock valued at $977,000 after buying an additional 375 shares during the last quarter.

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.