Shares of Progress Software Under Pressure, Down 1.6%

Published on Thu, 03/21/2013 - 12:24
By Mallory Stone in Market movers, PRGS, market movers, nasdaq:prgs, progress software

Progress Software (NASDAQ:PRGS) is one of today's notable stocks in decline, down 1.6% to $23.30. The Dow Jones Industrial Average is now trading 0.3% lower to 14,468 and the S&P is trading 0.4% lower to 1,553.

Progress Software has overhead space with shares priced $23.30, or 9.8% below the average consensus analyst price target of $25.83. The stock should find resistance at its 50-day moving average (MA) of $23.38, as well as support at its 200-day MA of $20.75.

In the past 52 weeks, Progress Software share prices have been bracketed by a low of $17.30 and a high of $24.76 and are now at $23.30, 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

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.

By Mallory Stone
mstone@fnno.com

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