Progress Software (NASDAQ:PRGS) Shares Gap Down – What’s Next?

Progress Software Co. (NASDAQ:PRGS) gapped down before the market opened on Wednesday . The stock had previously closed at $63.52, but opened at $60.85. Progress Software shares last traded at $59.00, with a volume of 273,298 shares.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PRGS shares. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Price Performance

The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 34.69, a price-to-earnings-growth ratio of 6.24 and a beta of 0.93. The company has a current ratio of 0.81, a quick ratio of 1.23 and a debt-to-equity ratio of 3.48. The company’s 50 day moving average is $65.96 and its 200 day moving average is $62.34.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in PRGS. Pacer Advisors Inc. grew its stake in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Leuthold Group LLC grew its position in shares of Progress Software by 958.1% during the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after acquiring an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC increased its holdings in shares of Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after acquiring an additional 251,125 shares during the period. Marshall Wace LLP raised its position in Progress Software by 530.5% in the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after purchasing an additional 221,336 shares during the last quarter. Finally, Citigroup Inc. grew its position in Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after purchasing an additional 147,457 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.