PRGS Stock Summary and Trading Ideas (Progress Software | NASDAQ:PRGS)

Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries. Its product includes OpenEdge; Chef; Developer Tools; Kemp LoadMaster; MOVEit; DataDirect; WhatsUp Gold; Sitefinity; Flowmon and Corticon. The company derives revenue from perpetual licenses to its products, but some products also use term licensing models. Its cloud-based offerings use a subscription-based model. A majority of the firm's revenue is generated in the United States and it also has presence in Canada, the Middle East, and Africa (EMEA), Latin America, and Asia Pacific.

Progress Software trades on the NASDAQ stock market under the symbol PRGS.

As of April 19, 2024, PRGS stock price climbed to $50.41 with 449,407 million shares trading.

PRGS has a beta of 0.71, meaning it tends to be less sensitive to market movements. PRGS has a correlation of 0.16 to the broad based SPY ETF.

PRGS has a market cap of $2.18 billion. This is considered a Mid Cap stock.

Last quarter Progress Software reported $185 million in Revenue and $1.25 earnings per share. This beat revenue expectation by $3 million and exceeded earnings estimates by $.11.

In the last 3 years, PRGS stock traded as high as $62.34 and as low as $40.33.

The top ETF exchange traded funds that PRGS belongs to (by Net Assets): IJR, VTI, VB, IWM, VBR.

PRGS has underperformed the market in the last year with a return of -11.7%, while the SPY ETF gained +21.2%. In the last 3 month period, PRGS fell short of the market, returning -12.5%, while SPY returned +4.3%. However, in the most recent 2 weeks PRGS has outperformed the stock market by returning -1.3%, while SPY returned -3.5%.

PRGS support price is $49.52 and resistance is $50.86 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that PRGS stock will trade within this expected range on the day.