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

Progress Software (NASDAQ:PRGS) had its price objective cut by DA Davidson from $75.00 to $70.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities analysts also recently issued reports on the stock. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Jefferies Financial Group decreased their price target on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Monday, January 5th. Finally, Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.40.

Progress Software Stock Performance

Progress Software stock opened at $40.05 on Thursday. The firm has a market capitalization of $1.72 billion, a P/E ratio of 36.41, a P/E/G ratio of 1.76 and a beta of 0.61. The stock has a fifty day moving average price of $42.40 and a two-hundred day moving average price of $44.54. Progress Software has a 52-week low of $38.91 and a 52-week high of $65.50. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Maseco LLP bought a new position in Progress Software in the 2nd quarter valued at $28,000. Quaker Wealth Management LLC boosted its holdings in Progress Software by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker’s stock valued at $29,000 after acquiring an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Progress Software in the second quarter valued at about $41,000. Advisors Asset Management Inc. increased its position in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares during the period. Finally, Osaic Holdings Inc. raised its holdings in Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after purchasing an additional 637 shares during the last quarter.

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.