Progress Software (NASDAQ:PRGS) Trading Down 7.3% – What’s Next?

Progress Software Corporation (NASDAQ:PRGS) shares were down 7.3% during mid-day trading on Monday . The stock traded as low as $27.43 and last traded at $27.5250. 440,560 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 958,295 shares. The stock had previously closed at $29.68.

Wall Street Analyst Weigh In

PRGS has been the subject of several recent analyst reports. Jefferies Financial Group reduced their price objective 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, March 31st. Citigroup dropped their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Wedbush cut 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 note on Tuesday, March 31st. DA Davidson reduced their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Finally, Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Stock Down 6.9%

The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock has a 50 day simple moving average of $29.64 and a 200 day simple moving average of $35.59. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.27 and a beta of 0.83.

Progress Software (NASDAQ:PRGS) last issued its 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. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same period in the prior year, the firm earned $1.31 earnings per share. Progress Software’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRGS. Dimensional Fund Advisors LP grew its holdings in shares of Progress Software by 10.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,233,830 shares of the software maker’s stock valued at $31,659,000 after buying an additional 121,314 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Progress Software by 133.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock valued at $31,335,000 after acquiring an additional 698,611 shares in the last quarter. Geode Capital Management LLC boosted its stake in Progress Software by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock valued at $46,468,000 after purchasing an additional 6,095 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Progress Software by 15.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,070,327 shares of the software maker’s stock valued at $27,454,000 after purchasing an additional 139,257 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Progress Software by 171.2% during the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after purchasing an additional 619,800 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.