Progress Software (NASDAQ:PRGS) Price Target Cut to $46.00 by Analysts at Citigroup

Progress Software (NASDAQ:PRGS) had its target price cut by equities research analysts at Citigroup from $60.00 to $46.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 83.34% from the company’s previous close.

Several other equities research analysts have also weighed in on PRGS. 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 lowered their price target on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday. Oppenheimer dropped their price objective on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday. Wedbush cut their price objective on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Progress Software Stock Performance

PRGS stock traded down $0.56 during midday trading on Wednesday, reaching $25.09. The company had a trading volume of 1,782,228 shares, compared to its average volume of 1,101,667. The firm has a market capitalization of $1.06 billion, a PE ratio of 12.87, a P/E/G ratio of 1.24 and a beta of 0.57. The stock has a 50 day moving average price of $37.41 and a 200 day moving average price of $41.05. Progress Software has a fifty-two week low of $23.82 and a fifty-two week high of $65.50. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.18.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. The business had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $246.40 million. Progress Software had a return on equity of 44.35% and a net margin of 8.61%.The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.31 EPS. Analysts anticipate that Progress Software will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 21,594 shares of the firm’s stock in a transaction on 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 approximately $585,156.30. This trade represents a 58.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $240,000.00. Following the sale, the chief financial officer owned 48,802 shares in the company, valued at approximately $1,952,080. This represents a 10.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,546 shares of company stock valued at $1,171,546. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in shares of Progress Software by 0.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 37,067 shares of the software maker’s stock worth $2,366,000 after acquiring an additional 241 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Progress Software by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock worth $358,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System lifted its holdings in shares of 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 valued at $2,531,000 after purchasing an additional 333 shares during the last quarter. Integrated Investment Consultants LLC boosted its position in shares of Progress Software by 4.7% in the 2nd 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 during the period. Finally, Amalgamated Bank boosted its position in shares of Progress Software by 3.4% in the 3rd quarter. Amalgamated Bank now owns 12,671 shares of the software maker’s stock valued at $557,000 after purchasing an additional 422 shares during the period.

Trending Headlines about Progress Software

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Fiscal Q1 beat and outlook raise — Progress reported Q1 revenue up ~4% and EPS that topped consensus; management raised its full‑year EPS outlook, which initially lifted shares on the news. PRGS’ Q1 Earnings Surpass Estimates
• Positive Sentiment: New AI product release — Progress launched Sitefinity Generative CMS to support AI‑driven search, personalization and conversational experiences, reinforcing its AI product story and revenue growth drivers. Sitefinity Generative CMS Release
• Neutral Sentiment: Technical/mean‑reversion view — Some analysts and technical commentators note PRGS is in oversold territory after a sharp multi‑week decline, suggesting potential for a rebound if selling pressure eases. After Plunging 34% in 4 Weeks
• Negative Sentiment: Analyst target cuts and note churn — Despite the beat, several firms trimmed price targets (Jefferies to $34, Wedbush to $45, Oppenheimer to $57) and some analysts revised forecasts; that downgrade activity likely applied near‑term selling pressure. Analysts Cut Forecasts After Q1
• Negative Sentiment: Institutional and insider selling signals — Recent data shows significant institutional reductions and insider sales, which can amplify downward pressure and reduce confidence among shorter‑term investors. Quiver Quantitative: Institutional & Insider Activity

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.