Progress Software Corp. (PRGS) Earns Neutral Rating from Wedbush
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “neutral” rating reiterated by research analysts at Wedbush in a research note issued on Tuesday. They presently have a $24.00 target price on the stock. Wedbush’s target price would suggest a potential downside of 13.36% from the stock’s previous close.
PRGS has been the topic of a number of other research reports. Zacks Investment Research downgraded Progress Software Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. Ladenburg Thalmann lowered 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. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.70 on Tuesday. Progress Software Corp. has a 12 month low of $22.01 and a 12 month high of $29.80. The stock has a 50 day moving average price of $28.24 and a 200-day moving average price of $27.11. The stock has a market cap of $1.35 billion, a PE ratio of 161.05 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last posted its quarterly earnings data 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 return on equity of 12.08% and a net margin of 2.15%. The firm earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. During the same period in the prior year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, analysts expect that Progress Software Corp. will post $1.59 EPS for the current year.
The firm also recently declared 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 other Progress Software Corp. news, 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 value of $25,299,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. FNY Managed Accounts LLC purchased a new position in shares of Progress Software Corp. during the second quarter worth approximately $110,000. Pacad Investment Ltd. purchased a new position in shares of Progress Software Corp. during the second quarter worth approximately $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. Hedge funds and other 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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