Progress Software (NASDAQ:PRGS) Shares Gap Down – Time to Sell?

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

Several research analysts have recently commented on PRGS shares. Citigroup boosted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson reiterated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Stock Performance

The company has a market cap of $2.45 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 6.86 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a 50 day moving average price of $66.44 and a two-hundred day moving average price of $62.44.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the second quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the last quarter. TD Private Client Wealth LLC increased its position in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after buying an additional 301 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after buying an additional 394 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after acquiring an additional 719 shares during the period.

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.