Progress Software Corp. (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “
Other analysts have also issued research reports about the stock. Wedbush restated a “hold” rating and set a $24.00 price target on shares of Progress Software Corp. in a research note on Sunday, June 26th. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. TheStreet upgraded shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. Finally, Ladenburg Thalmann lowered shares of 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 equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $28.38.
Shares of Progress Software Corp. (NASDAQ:PRGS) opened at 27.95 on Wednesday. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 162.50 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 firm’s 50 day moving average is $28.37 and its 200-day moving average is $27.00.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $102 million for the quarter, compared to the consensus estimate of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. Equities research analysts predict that Progress Software Corp. will post $1.59 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Tuesday, November 29th.
In related news, CAO Paul A. Jalbert sold 21,041 shares of the business’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $28.93, for a total value of $608,716.13. Following the transaction, the chief accounting officer now directly owns 22,125 shares of the company’s stock, valued at approximately $640,076.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of PRGS. FNY Managed Accounts LLC bought a new position in shares of Progress Software Corp. during the second quarter worth $110,000. Pacad Investment Ltd. bought a new position in shares of Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. increased its position 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 worth $140,000 after buying an additional 3,517 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Progress Software Corp. by 4.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,114 shares of the company’s stock worth $140,000 after buying an additional 202 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in shares of Progress Software Corp. by 1,636.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,157 shares of the company’s stock worth $142,000 after buying an additional 4,860 shares during the period. 92.65% of the stock is currently owned by institutional investors.
About Progress Software Corp.
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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