Progress Software Corp. (PRGS) Receives Average Rating of “Hold” from Brokerages
Progress Software Corp. (NASDAQ:PRGS) has received an average recommendation of “Hold” from the ten analysts that are covering the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $27.00.
PRGS has been the subject of several recent analyst reports. Zacks Investment Research lowered Progress Software Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. Ladenburg Thalmann downgraded 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. Wedbush reiterated a “neutral” rating and issued a $24.00 price objective on shares of Progress Software Corp. in a research note on Tuesday, October 11th. Benchmark Co. reiterated a “buy” rating and issued a $31.00 price objective on shares of Progress Software Corp. in a research note on Tuesday, October 11th. Finally, Citigroup Inc. reiterated a “neutral” rating on shares of Progress Software Corp. in a research note on Saturday, October 15th.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.
Several large investors have recently modified their holdings of PRGS. FNY Managed Accounts LLC acquired a new stake in shares of Progress Software Corp. during the second quarter worth about $110,000. Pacad Investment Ltd. acquired a new stake in shares of Progress Software Corp. during the second quarter worth about $126,000. Acrospire Investment Management LLC increased its stake in shares of Progress Software Corp. by 61.6% in the third quarter. Acrospire Investment Management LLC now owns 4,724 shares of the company’s stock worth $128,000 after buying an additional 1,800 shares during the period. 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 worth $140,000 after buying an additional 3,517 shares during the period. Finally, 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 worth $140,000 after buying an additional 202 shares during the period. Institutional investors own 91.55% of the company’s stock.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.83% during trading on Tuesday, reaching $29.87. The company’s stock had a trading volume of 73,365 shares. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 173.66 and a beta of 0.98. Progress Software Corp. has a 12 month low of $22.01 and a 12 month high of $30.24. The stock’s 50 day moving average is $27.83 and its 200 day moving average is $27.72.
Progress Software Corp. (NASDAQ:PRGS) last released its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.01. The business earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. On average, equities analysts expect 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. Shareholders of record on Thursday, December 1st will be given 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 dividend yield of 1.68%.
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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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