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Downgrade Alert for Progress Software (PRGS)
Jan 31, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Progress Software (NASDAQ:PRGS) was downgraded from Buy to Neutral at Sidoti today. The stock closed yesterday at $23.25 on volume of 783,000 shares, above average daily volume of 504,000. There is potential upside of 11.1% for shares of Progress Software based on a current price of $23.25 and an average consensus analyst price target of $25.83. The stock should find initial support at its 50-day moving average (MA) of $21.55 and further support at its 200-day MA of $20.45.
Progress Software share prices have moved between a 52-week high of $24.76 and a 52-week low of $17.30 and closed yesterday at 34% above that low price at $23.25 per share. The 200-day and 50-day moving averages have moved 0.09% higher and 1.38% higher over the past week, respectively.
Progress Software Corporation develops, markets, and distributes application development, deployment, and integration software to business, industry, and government worldwide. The Company's products include databases, application servers, messaging servers, and development tools for Internet/Web, extranet, and intranet applications as well as for client/server and host applications.
SmarTrend recommended that subscribers consider buying shares of Progress Software on January 7th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.19. Since that recommendation, shares of Progress Software have risen 4.8%. We continue to monitor PRGS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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