Weakness Seen in Progress Software (PRGS): Stock Tanks 11.3%

Zacks

 Progress Software Corp. (PRGS) saw a big move last session, as the company’s shares fell by over 11% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading below the volatile price range of $24.18 to $25.38 in the past one-month time frame.    
 
This slump shouldn’t be too much of a surprise to investors, as the global technology providing company has seen 1 negative revision in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
 
PRGS currently has a Zacks Rank #4 (Sell) while its Earnings ESP is negative.
 
Some better-ranked stocks in the same sector include Dealertrack Technologies, Inc. (TRAK), Open Text Corporation (OTEX) and Solera Holdings Inc. (SLH). All these stocks hold a Zacks Rank #1 (Strong Buy).
 
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PROGRESS SOFTWARE CP (PRGS): Free Stock Analysis Report

DEALERTRACK TECH INC (TRAK): Free Stock Analysis Report

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