Progress Software (NASDAQ:PRGS) Stock Price Down 5% – Should You Sell?

Progress Software Corporation (NASDAQ:PRGS)’s share price fell 5% during trading on Friday . The stock traded as low as $41.19 and last traded at $40.7970. 80,811 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 452,214 shares. The stock had previously closed at $42.96.

Analysts Set New Price Targets

Several brokerages have issued reports on PRGS. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Monday, October 13th. Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Jefferies Financial Group reduced their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. Finally, DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Price Performance

The stock has a market capitalization of $1.77 billion, a PE ratio of 37.64, a price-to-earnings-growth ratio of 1.89 and a beta of 0.61. The business’s 50-day moving average price is $42.75 and its 200 day moving average price is $46.28. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, September 29th. The software maker reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.20. The company had revenue of $249.80 million during the quarter, compared to analyst estimates of $240.11 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The firm’s quarterly revenue was up 39.8% on a year-over-year basis. During the same quarter last year, the company earned $1.26 earnings per share. Research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRGS. Advisors Asset Management Inc. grew its stake in Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after buying an additional 604 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Progress Software by 16.9% during the 1st quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock valued at $2,194,000 after buying an additional 6,147 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Progress Software by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock worth $1,321,000 after acquiring an additional 1,454 shares during the last quarter. UniSuper Management Pty Ltd grew its position in Progress Software by 8.4% in the first quarter. UniSuper Management Pty Ltd now owns 113,746 shares of the software maker’s stock worth $5,859,000 after acquiring an additional 8,846 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after acquiring an additional 241,515 shares during the last quarter.

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.