Progress Software (NASDAQ:PRGS) Shares Gap Down - What's Next?

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) gapped down prior to trading 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 trading hands.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. DA Davidson restated a "buy" rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday. Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. Finally, Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $72.43.

Progress Software Trading Down 9.9 %

The company has a market cap of $2.46 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 6.86 and a beta of 0.93. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The business's fifty day simple moving average is $66.22 and its two-hundred day simple moving average is $62.40.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. raised its position in Progress Software by 1,160.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,578 shares of the software maker's stock worth $411,000 after buying an additional 6,977 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Progress Software by 2.3% during the second quarter. Envestnet Asset Management Inc. now owns 94,066 shares of the software maker's stock worth $5,104,000 after purchasing an additional 2,118 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker's stock valued at $76,465,000 after purchasing an additional 34,318 shares during the period. XTX Topco Ltd purchased a new stake in Progress Software in the 2nd quarter valued at approximately $448,000. Finally, Canada Pension Plan Investment Board acquired a new position in Progress Software during the 2nd quarter worth approximately $27,000.

About Progress Software

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.