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

Progress Software (NASDAQ:PRGS) had its price objective lowered by stock analysts at DA Davidson from $75.00 to $70.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. DA Davidson’s price target would suggest a potential upside of 71.00% from the company’s current price.

Several other analysts have also issued reports on the company. Jefferies Financial Group lowered their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, January 5th. Citigroup upgraded shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Monday, October 13th. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Finally, Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. 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 data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $66.00.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded down $0.49 during mid-day trading on Thursday, reaching $40.94. 199,099 shares of the company’s stock were exchanged, compared to its average volume of 596,711. The firm has a 50-day moving average price of $42.46 and a two-hundred day moving average price of $44.81. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 37.21, a price-to-earnings-growth ratio of 1.86 and a beta of 0.61. Progress Software has a 52 week low of $39.00 and a 52 week high of $65.50.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRGS. Advisors Asset Management Inc. boosted its holdings in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after acquiring an additional 604 shares during the period. AQR Capital Management LLC grew its holdings in shares of Progress Software by 16.9% in the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock worth $2,194,000 after purchasing an additional 6,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Progress Software by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock worth $1,321,000 after buying an additional 1,454 shares during the period. Goldman Sachs Group Inc. raised its holdings in Progress Software by 75.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after buying an additional 241,515 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in Progress Software by 206.8% during the 1st quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock valued at $5,734,000 after buying an additional 75,044 shares during the period.

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.