Progress Software Corp. (PRGS) Shares Down 4.9% on Disappointing Earnings
Progress Software Corp. (NASDAQ:PRGS) shares fell 4.9% on Thursday following a dissappointing earnings announcement. The company traded as low as $25.55 and last traded at $27.01, with a volume of 577,058 shares trading hands. The stock had previously closed at $28.40.
The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Progress Software Corp. had a positive return on equity of 11.42% and a negative net margin of 0.79%. The business had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same quarter in the previous year, the company posted $0.39 EPS. The business’s quarterly revenue was up 1.7% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 annualized dividend and a yield of 1.84%.
Several research firms have weighed in on PRGS. Wedbush restated a “hold” rating and set a $24.00 price objective on shares of Progress Software Corp. in a report on Sunday, June 26th. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Citigroup Inc. downgraded shares of Progress Software Corp. from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $36.00 to $31.00 in a report on Friday, June 3rd. TheStreet upgraded shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 30th. Finally, Zacks Investment Research upgraded shares of Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.56.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Paul A. Jalbert sold 21,041 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $28.93, for a total transaction of $608,716.13. Following the transaction, the chief accounting officer now owns 22,125 shares of the company’s stock, valued at approximately $640,076.25. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Progress Software Corp. by 33.0% in the first quarter. Renaissance Technologies LLC now owns 537,011 shares of the company’s stock worth $12,953,000 after buying an additional 133,100 shares in the last quarter. Springbok Capital Management LLC raised its position in shares of Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock worth $205,000 after buying an additional 3,700 shares in the last quarter. Capstone Asset Management Co. raised its position in shares of Progress Software Corp. by 1.7% in the second quarter. Capstone Asset Management Co. now owns 14,764 shares of the company’s stock worth $405,000 after buying an additional 240 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Progress Software Corp. during the second quarter worth $6,526,000. Finally, Aperio Group LLC raised its position in shares of Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock worth $351,000 after buying an additional 5,261 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.
The firm has a 50-day moving average price of $28.48 and a 200 day moving average price of $26.89. The firm’s market capitalization is $1.32 billion.
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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