Progress Software (NASDAQ:PRGS) Reaches New 52-Week Low at $48.79

Progress Software Co. (NASDAQ:PRGS) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $48.79 and last traded at $49.03, with a volume of 28391 shares changing hands. The stock had previously closed at $49.50.

Analyst Ratings Changes

A number of research firms recently weighed in on PRGS. Oppenheimer restated an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday, March 27th. DA Davidson started coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Finally, Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $64.60.

Progress Software Trading Down 0.4 %

The stock has a market cap of $2.13 billion, a P/E ratio of 32.14, a PEG ratio of 6.44 and a beta of 0.93. The firm’s fifty day moving average price is $50.62 and its two-hundred day moving average price is $53.19. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The business’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities research analysts forecast that Progress Software Co. will post 3.85 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Krall sold 20,000 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock worth $2,841,941 over the last three months. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GHP Investment Advisors Inc. boosted its holdings in Progress Software by 116.4% in the fourth quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after purchasing an additional 32,871 shares during the last quarter. Bahl & Gaynor Inc. boosted its holdings in Progress Software by 2.7% in the fourth quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock worth $1,664,000 after purchasing an additional 813 shares during the last quarter. Boston Trust Walden Corp boosted its holdings in Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after purchasing an additional 33,289 shares during the last quarter. Van Hulzen Asset Management LLC boosted its holdings in Progress Software by 4.0% in the fourth quarter. Van Hulzen Asset Management LLC now owns 17,365 shares of the software maker’s stock worth $943,000 after purchasing an additional 665 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Progress Software by 197.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock worth $7,213,000 after purchasing an additional 88,175 shares during the last quarter.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.