Fintel reports that on August 8, 2023, Citigroup maintained coverage of Progress Software (NASDAQ:PRGS) with a Neutral recommendation.
Analyst Price Forecast Suggests 5.92% Upside
As of August 1, 2023, the average one-year price target for Progress Software is 64.94. The forecasts range from a low of 57.57 to a high of $73.50. The average price target represents an increase of 5.92% from its latest reported closing price of 61.31.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Progress Software is 642MM, an increase of 3.40%. The projected annual non-GAAP EPS is 4.42.
What is the Fund Sentiment?
There are 617 funds or institutions reporting positions in Progress Software. This is an increase of 4 owner(s) or 0.65% in the last quarter. Average portfolio weight of all funds dedicated to PRGS is 0.24%, an increase of 19.38%. Total shares owned by institutions increased in the last three months by 2.68% to 54,478K shares. 
The put/call ratio of PRGS is 1.02, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 3,162K shares representing 7.29% ownership of the company. In it's prior filing, the firm reported owning 3,186K shares, representing a decrease of 0.78%. The firm increased its portfolio allocation in PRGS by 9.79% over the last quarter.
Boston Trust Walden holds 1,598K shares representing 3.69% ownership of the company. In it's prior filing, the firm reported owning 1,665K shares, representing a decrease of 4.21%. The firm decreased its portfolio allocation in PRGS by 7.61% over the last quarter.
Segall Bryant & Hamill holds 1,590K shares representing 3.67% ownership of the company. In it's prior filing, the firm reported owning 1,656K shares, representing a decrease of 4.19%. The firm increased its portfolio allocation in PRGS by 5.61% over the last quarter.
Wellington Management Group Llp holds 1,481K shares representing 3.42% ownership of the company. In it's prior filing, the firm reported owning 1,596K shares, representing a decrease of 7.74%. The firm decreased its portfolio allocation in PRGS by 85.26% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,356K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 1,299K shares, representing an increase of 4.15%. The firm increased its portfolio allocation in PRGS by 9.70% over the last quarter.
Progress Software Background Information
(This description is provided by the company.)
Progress provides the best products to develop, deploy and manage high-impact business applications. Its comprehensive product stack is designed to make technology teams more productive and it has a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure-leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000+ enterprise customers, and a three-million-strong developer community rely on Progress to power their applications.
Additional reading:
- P R E S S A N N O U N C E M E N T Progress Announces Second Quarter 2023 Financial Results Exceeds Q2 Revenue and Earnings Estimates ARR increases by 19%; Raises Full Year Guidance
- Q2 2023 Supplemental Data June 29, 2023 Progress Financial Results 2© 2023 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. Forward Looking Statements This presentation contains statements that are “forward-lo
- 2023 Fiscal Year Compensation Plan for Non-Employee Directors
- P R E S S A N N O U N C E M E N T Progress Announces First Quarter 2023 Financial Results Revenue and Earnings Per Share Exceed Guidance ARR surges to $569M; MarkLogic Integration Underway
- Q1 2023 Supplemental Data March 28, 2023 Progress Financial Results 2© 2023 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. Forward Looking Statements This presentation contains statements that are “forward-l
This story originally appeared on Fintel.
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