Jefferies Starts Progress Software (PRGS) at Hold

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Jefferies initiates coverage on Progress Software (NASDAQ: PRGS) with a Hold. PT $28.00.

The firm comments, "Progress Software has exposure to select high growth areas and has reset its growth trajectory lower, mitigating near term estimate risk and positioning the company to deliver improving quarter-to-quarter execution. However, during its multi-year transition, it has lost ground and with further reorganizational and management changes upcoming, uncertainty remains. A cohesive strategy is still forming and as such, we initiate with a Hold."

For an analyst ratings summary and ratings history on Progress Software click here. For more ratings news on Progress Software click here.

Shares of Progress Software closed at $24.11 yesterday, with a 52 week range of $16.71-$30.39.

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