Citigroup Cuts Progress Software (NASDAQ:PRGS) Price Target to $54.00

Progress Software (NASDAQ:PRGS) had its target price dropped by stock analysts at Citigroup from $57.00 to $54.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Citigroup’s price target points to a potential upside of 34.65% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. DA Davidson lowered their price objective on Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday. 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 reduced their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, January 5th. Four 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $65.40.

Progress Software Stock Down 2.0%

Shares of NASDAQ:PRGS traded down $0.82 during trading on Friday, hitting $40.10. 304,135 shares of the company were exchanged, compared to its average volume of 591,973. Progress Software has a fifty-two week low of $38.91 and a fifty-two week high of $65.50. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 36.49, a P/E/G ratio of 1.82 and a beta of 0.61. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The firm has a fifty day moving average price of $42.44 and a two-hundred day moving average price of $44.78.

Hedge Funds Weigh In On Progress Software

Large investors have recently modified their holdings of the business. DLD Asset Management LP increased its holdings in Progress Software by 31.5% in the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after purchasing an additional 10,300,000 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Progress Software during the 3rd quarter worth approximately $16,324,000. Marshall Wace LLP increased its stake in shares of Progress Software by 732.6% in the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock valued at $15,700,000 after acquiring an additional 314,459 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Progress Software by 145.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after acquiring an additional 275,205 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Progress Software by 26.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after acquiring an additional 243,950 shares in 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.