Progress Software Corp. (PRGS) Lowered to Sell at Zacks Investment Research
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 equities analysts have also recently issued research reports about the company. Wedbush reissued a hold rating and set a $24.00 target price on shares of Progress Software Corp. in a report on Sunday, June 26th. JMP Securities reaffirmed a hold rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. TheStreet raised Progress Software Corp. from a hold rating to a buy rating in a report on Thursday, June 30th. Finally, Ladenburg Thalmann cut Progress Software Corp. from a buy rating to a neutral rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Progress Software Corp. presently has a consensus rating of Hold and an average price target of $28.38.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded down 1.33% during midday trading on Wednesday, hitting $27.53. The company’s stock had a trading volume of 123,691 shares. The firm has a 50-day moving average of $28.35 and a 200 day moving average of $27.01. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 160.06 and a beta of 1.14. Progress Software Corp. has a 12-month low of $22.01 and a 12-month high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last announced 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 had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same period in the previous year, the company earned $0.39 EPS. Progress Software Corp.’s revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts predict that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The business also recently announced 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. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a yield of 1.79%.
In related news, CAO Paul A. Jalbert sold 21,041 shares of Progress Software Corp. stock in a transaction on Monday, July 11th. The stock was sold at an average price of $28.93, for a total value of $608,716.13. Following the completion of the transaction, the chief accounting officer now directly owns 22,125 shares in the company, valued at $640,076.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of Progress Software Corp. stock in a transaction on Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of PRGS. Renaissance Technologies LLC boosted its stake in 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 boosted its stake 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 worth $205,000 after buying an additional 3,700 shares in the last quarter. Capstone Asset Management Co. boosted its stake in 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 stake in Progress Software Corp. during the second quarter worth $6,526,000. Finally, Aperio Group LLC boosted its stake in 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. Institutional investors own 92.65% of the company’s stock.
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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