Wedbush Cuts Progress Software (NASDAQ:PRGS) Price Target to $45.00

Progress Software (NASDAQ:PRGS) had its price target lowered by Wedbush from $65.00 to $45.00 in a research note published on Tuesday,Benzinga reports. Wedbush currently has an outperform rating on the software maker’s stock.

A number of other equities analysts have also recently weighed in on PRGS. Citigroup upped their price objective on shares of Progress Software from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. DA Davidson cut their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Oppenheimer reduced their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a report on Tuesday. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Finally, Jefferies Financial Group reduced their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a research note on Monday, January 5th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Trading Up 2.7%

PRGS opened at $25.76 on Tuesday. The firm’s 50 day moving average is $36.72 and its 200-day moving average is $40.84. Progress Software has a 52-week low of $23.82 and a 52-week high of $65.50. The company has a quick ratio of 0.49, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $1.08 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.07 and a beta of 0.76.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.03. The business had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 earnings per share. Analysts expect that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Activity

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total transaction of $813,014.10. Following the sale, the executive vice president owned 15,542 shares in the company, valued at $585,156.30. This represents a 58.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. This represents a 10.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,546 shares of company stock worth $1,171,546 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

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

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.