Benchmark Co. Reaffirms Buy Rating for Progress Software Corp. (PRGS)
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “buy” rating reiterated by equities researchers at Benchmark Co. in a research report issued on Tuesday. They currently have a $31.00 price objective on the stock. Benchmark Co.’s price objective points to a potential upside of 11.91% from the company’s current price.
A number of other brokerages also recently issued reports on PRGS. Wedbush boosted their price objective on shares of Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, June 24th. Zacks Investment Research downgraded shares of Progress Software Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, October 5th. JMP Securities reissued a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Ladenburg Thalmann downgraded shares of 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. Finally, TheStreet raised shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded down 1.23% on Tuesday, hitting $27.36. 170,969 shares of the company were exchanged. The company has a 50 day moving average price of $28.24 and a 200-day moving average price of $27.11. Progress Software Corp. has a 52 week low of $22.01 and a 52 week high of $29.80. The stock has a market capitalization of $1.33 billion, a P/E ratio of 159.07 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last posted 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. 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 the consensus estimate of $104.72 million. During the same quarter in the prior year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts expect that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.81%. The ex-dividend date is Tuesday, November 29th.
In related 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 filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. FNY Managed Accounts LLC purchased a new stake in shares of Progress Software Corp. during the second quarter valued at approximately $110,000. Pacad Investment Ltd. purchased a new stake in shares of Progress Software Corp. during the second quarter valued at approximately $126,000. Sei Investments Co. increased 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 during the period. Public Employees Retirement System of Ohio increased its stake 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 valued at $140,000 after buying an additional 202 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake 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 valued at $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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