Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “neutral” rating reiterated by equities researchers at Wedbush in a report released on Tuesday. They currently have a $24.00 target price on the stock. Wedbush’s price objective indicates a potential downside of 12.54% from the stock’s previous close.
A number of other analysts have also commented on PRGS. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. JMP Securities reaffirmed a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Zacks Investment Research upgraded Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Thursday, July 7th. Finally, Ladenburg Thalmann downgraded Progress Software Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Progress Software Corp. presently has a consensus rating of “Hold” and an average target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.44 on Tuesday. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 159.53 and a beta of 1.14. Progress Software Corp. has a 52 week low of $22.01 and a 52 week high of $29.80. The stock’s 50 day moving average price is $28.16 and its 200-day moving average price is $27.11.
Progress Software Corp. (NASDAQ:PRGS) last issued its earnings results on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates 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 earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. During the same period in the previous year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a $0.125 dividend. 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 1.82%.
In other news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its position in Progress Software Corp. by 720.5% in the first quarter. Royal Bank of Canada now owns 7,762 shares of the company’s stock valued at $187,000 after buying an additional 6,816 shares during the last quarter. Panagora Asset Management Inc. increased its position in Progress Software Corp. by 9.0% in the first quarter. Panagora Asset Management Inc. now owns 348,927 shares of the company’s stock valued at $8,416,000 after buying an additional 28,934 shares during the last quarter. Barclays PLC purchased a new position in Progress Software Corp. during the first quarter valued at approximately $908,000. A.R.T. Advisors LLC purchased a new position in Progress Software Corp. during the first quarter valued at approximately $575,000. Finally, Springbok Capital Management LLC increased its position in Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock valued at $205,000 after buying an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.
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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