Progress Software Corp. (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.55-0.58 for the period, compared to the Thomson Reuters consensus estimate of $0.56. The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $122.52 million.
A number of brokerages have commented on PRGS. TheStreet upgraded Progress Software Corp. from a hold rating to a buy rating in a research report on Thursday, June 30th. Zacks Investment Research upgraded Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price objective on the stock in a research report on Thursday, July 7th. Ladenburg Thalmann lowered Progress Software Corp. from a buy rating to a neutral rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities reiterated a hold rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Finally, Wedbush reissued a hold rating and issued a $24.00 price target on shares of Progress Software Corp. in a research note on Sunday, June 26th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $28.38.
Shares of Progress Software Corp. (NASDAQ:PRGS) opened at 27.70 on Tuesday. Progress Software Corp. has a 52 week low of $22.01 and a 52 week high of $29.80. The firm has a market cap of $1.35 billion, a P/E ratio of 161.05 and a beta of 1.14. The company’s 50-day moving average price is $28.24 and its 200 day moving average price is $27.11.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by $0.01. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The firm had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities analysts anticipate that Progress Software Corp. will post $1.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.81%.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.
Several hedge funds have recently bought and sold shares of PRGS. Pacad Investment Ltd. bought a new stake in Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. boosted its stake in shares of Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock valued at $140,000 after buying an additional 3,517 shares in the last quarter. KCG Holdings Inc. acquired a new stake in shares of Progress Software Corp. during the second quarter valued at $252,000. BlackRock Inc. boosted its stake in shares of Progress Software Corp. by 137.3% in the second quarter. BlackRock Inc. now owns 12,051 shares of the company’s stock valued at $331,000 after buying an additional 6,973 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC boosted its stake in shares of Progress Software Corp. by 17.5% in the second quarter. Paradigm Asset Management Co. LLC now owns 16,750 shares of the company’s stock valued at $460,000 after buying an additional 2,500 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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