Citigroup Cuts Progress Software (NASDAQ:PRGS) Price Target to $46.00

Progress Software (NASDAQ:PRGS) had its target price trimmed by Citigroup from $60.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. DA Davidson dropped their price objective on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Wedbush reduced their target price 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. Oppenheimer decreased their target price on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group dropped their price target on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Stock Performance

Progress Software stock opened at $25.76 on Wednesday. The stock’s 50-day moving average is $36.38 and its 200-day moving average is $40.73. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 1.10 and a beta of 0.76. Progress Software has a 12 month low of $23.82 and a 12 month high of $65.50. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.49.

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, beating analysts’ consensus estimates of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The firm had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $246.40 million. During the same period in the previous year, the company posted $1.31 earnings per share. Progress Software’s revenue was up 4.1% compared to the same quarter last year. Equities analysts anticipate that Progress Software will post 4.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Sundar Subramanian sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the transaction, the executive vice president directly owned 15,542 shares in the company, valued at approximately $594,947.76. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total transaction of $240,000.00. Following the completion of the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This represents a 10.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,546 shares of company stock worth $1,171,546 over the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the business. Hantz Financial Services Inc. increased its position in Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after acquiring an additional 493 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in Progress Software during the 2nd quarter worth $41,000. Kemnay Advisory Services Inc. bought a new position in shares of Progress Software in the fourth quarter worth $42,000. Advisors Asset Management Inc. increased its holdings in shares of 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, TD Private Client Wealth LLC increased its holdings in shares of Progress Software by 1,042.5% during the fourth quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,178 shares during the period.

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.