Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “neutral” rating reissued by stock analysts at Citigroup Inc. in a report issued on Saturday.

A number of other research firms have also recently weighed in on PRGS. Zacks Investment Research cut shares of Progress Software Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. Ladenburg Thalmann cut 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. JMP Securities reiterated 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, Benchmark Co. reiterated a “buy” rating and issued a $31.00 price target on shares of Progress Software Corp. in a research note on Tuesday. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $28.38.

Analyst Recommendations for Progress Software Corp. (NASDAQ:PRGS)

Progress Software Corp. (NASDAQ:PRGS) traded up 0.26% during mid-day trading on Friday, hitting $27.09. 190,833 shares of the stock were exchanged. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 157.50 and a beta of 1.14. The company’s 50-day moving average price is $28.07 and its 200 day moving average price is $27.13. Progress Software Corp. has a 52 week low of $22.01 and a 52 week high of $29.80.

Progress Software Corp. (NASDAQ:PRGS) last released its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share 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 analysts’ expectations of $104.72 million. During the same quarter last year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts expect that Progress Software Corp. will post $1.59 EPS for the current year.

The company 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 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 1.85%.

In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s 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 this hyperlink. Corporate insiders own 2.60% of the company’s stock.

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 valued at approximately $110,000. Pacad Investment Ltd. purchased a new position in shares of Progress Software Corp. during the second quarter valued at 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 valued at $140,000 after buying an additional 3,517 shares during the last quarter. 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 valued at $140,000 after buying an additional 202 shares during the last quarter. 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 valued at $142,000 after buying an additional 4,860 shares during 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.

5 Day Chart for NASDAQ:PRGS

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