Progress Software (NASDAQ:PRGS) Price Target Lowered to $70.00 at DA Davidson

Progress Software (NASDAQ:PRGS) had its price objective dropped by equities researchers at DA Davidson from $75.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. DA Davidson’s target price indicates a potential upside of 71.00% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Citigroup upgraded 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. Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Finally, Jefferies Financial Group decreased their price target on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a research note on Monday, January 5th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Progress Software Trading Down 1.2%

PRGS stock traded down $0.49 during trading on Thursday, reaching $40.94. The company had a trading volume of 199,099 shares, compared to its average volume of 596,711. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. Progress Software has a 52 week low of $39.00 and a 52 week high of $65.50. The business has a 50 day moving average of $42.46 and a 200 day moving average of $44.81. The company has a market cap of $1.76 billion, a P/E ratio of 37.21, a PEG ratio of 1.86 and a beta of 0.61.

Institutional Trading of Progress Software

Institutional investors have recently added to or reduced their stakes in the business. Maseco LLP bought a new position in Progress Software during the second quarter valued at approximately $28,000. Quaker Wealth Management LLC raised its holdings in Progress Software by 200.0% in the 2nd 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 period. Elevation Point Wealth Partners LLC purchased a new position in Progress Software during the second quarter valued at $41,000. Advisors Asset Management Inc. grew 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 valued at $54,000 after purchasing an additional 604 shares during the period. Finally, Osaic Holdings Inc. increased its position in Progress Software by 183.0% in the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after buying an additional 637 shares in the last quarter.

Progress Software Company Profile

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.