Stock Worth Watching: What Next for Progress Software Corporation Stock After Making 52-Week High?

Stock Worth Watching: What Next for Progress Software Corporation Stock After Making 52 Week High?

The stock of Progress Software Corporation (NASDAQ:PRGS) hit a new 52-week high and has $37.35 target or 26.00% above today’s $29.64 share price. The 8 months bullish chart indicates low risk for the $1.45B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $37.35 price target is reached, the company will be worth $377.00M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 52,522 shares traded hands. Progress Software Corporation (NASDAQ:PRGS) has risen 14.67% since April 19, 2016 and is uptrending. It has outperformed by 10.81% the S&P500.

Progress Software Corporation (NASDAQ:PRGS) Ratings Coverage

Out of 3 analysts covering Progress Software Corporation (NASDAQ:PRGS), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. Progress Software Corporation has been the topic of 6 analyst reports since October 2, 2015 according to StockzIntelligence Inc. The company was downgraded on Tuesday, September 13 by Ladenburg Thalmann. Wedbush maintained Progress Software Corporation (NASDAQ:PRGS) on Friday, June 24 with “Neutral” rating. On Monday, January 18 the stock rating was maintained by Benchmark with “Buy”. The stock of Progress Software Corporation (NASDAQ:PRGS) earned “Neutral” rating by Wedbush on Friday, October 2. Benchmark maintained it with “Buy” rating and $31.0 target price in Friday, January 15 report.

According to Zacks Investment Research, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products.”

Insitutional Activity: The institutional sentiment increased to 1.34 in Q2 2016. Its up 0.58, from 0.76 in 2016Q1. The ratio is positive, as 19 funds sold all Progress Software Corporation shares owned while 60 reduced positions. 16 funds bought stakes while 44 increased positions. They now own 44.33 million shares or 4.26% less from 46.30 million shares in 2016Q1.
Netols Asset Inc, a Wisconsin-based fund reported 225,463 shares. Piedmont Investment Advsrs Limited Company owns 98 shares or 0% of their US portfolio. Fiduciary Inc Wi holds 0.29% or 1.75M shares in its portfolio. Zurcher Kantonalbank (Zurich Cantonalbank) last reported 0% of its portfolio in the stock. The New Jersey-based Prudential has invested 0.01% in Progress Software Corporation (NASDAQ:PRGS). Tudor Investment Corporation Et Al has invested 0.01% of its portfolio in Progress Software Corporation (NASDAQ:PRGS). The Ohio-based Strs Ohio has invested 0% in Progress Software Corporation (NASDAQ:PRGS). Blackrock Fund Advsr holds 3.32 million shares or 0.02% of its portfolio. Choate Investment Advsrs has 0% invested in the company for 97,753 shares. Moreover, D E Shaw And has 0.02% invested in Progress Software Corporation (NASDAQ:PRGS) for 459,711 shares. Louisiana State Employees Retirement last reported 22,300 shares in the company. Royal Bancorporation Of Canada, a Ontario – Canada-based fund reported 698 shares. Blackrock Institutional Com Na accumulated 1.27M shares or 0.01% of the stock. Trigran Invests owns 856,778 shares or 6.2% of their US portfolio. Neuberger Berman Grp Ltd Liability Corporation has 1.65M shares for 0.06% of their US portfolio.

Insider Transactions: Since June 10, 2016, the stock had 0 insider buys, and 2 sales for $25.42 million net activity. GUPTA RAM also sold $125,531 worth of Progress Software Corporation (NASDAQ:PRGS) on Friday, June 10. Praesidium Investment Management Company – LLC sold $25.30M worth of Progress Software Corporation (NASDAQ:PRGS) on Monday, September 12.

More recent Progress Software Corporation (NASDAQ:PRGS) news were published by: Reuters.com which released: “Exclusive: Progress Software exploring sale – sources” on January 14, 2016. Also Benzinga.com published the news titled: “Ladenburg Downgrades Progress Software, Cites Valuation” on September 13, 2016. Seekingalpha.com‘s news article titled: “Progress Software: Is This Stealthy Activist Making Progress?” with publication date: March 30, 2016 was also an interesting one.

PRGS Company Profile

Progress Software Corporation, incorporated on December 31, 1981, is a global software company. The Firm offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Firm operates through three divisions: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment. The Company’s portfolio of products provides solutions for application development, data integration and data analysis. The Company’s solutions are used across a range of industries. The Firm operates in North America and Latin America (the Americas); Europe, the Middle East and Africa (EMEA), and the Asia Pacific region, through local subsidiaries, as well as independent distributors. The Firm sells its products as perpetual licenses. The Company’s products also use term licensing models and its cloud offerings use a subscription based model. The Firm markets its products globally through channels, including end users and application partners, original equipment manufacturers (OEMs) and system integrators.

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