Progress Software Corporation (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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. “

Several other analysts also recently issued reports on PRGS. BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $32.25.

Shares of Progress Software Corporation (PRGS) opened at 33.58 on Wednesday. The stock has a 50 day moving average price of $32.24 and a 200-day moving average price of $30.18. The firm’s market capitalization is $1.62 billion. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $33.89.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $93.20 million during the quarter, compared to the consensus estimate of $91.53 million. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. Equities analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can increased its stake in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Progress Software Corporation by 4.7% in the first quarter. Vanguard Group Inc. now owns 4,260,369 shares of the software maker’s stock valued at $123,763,000 after buying an additional 192,991 shares in the last quarter. Morgan Stanley increased its stake in shares of Progress Software Corporation by 107.2% in the first quarter. Morgan Stanley now owns 370,821 shares of the software maker’s stock valued at $10,773,000 after buying an additional 191,822 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Progress Software Corporation by 6.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 608,017 shares of the software maker’s stock valued at $17,663,000 after buying an additional 34,154 shares in the last quarter. Finally, TD Asset Management Inc. increased its stake in shares of Progress Software Corporation by 231.0% in the first quarter. TD Asset Management Inc. now owns 82,750 shares of the software maker’s stock valued at $2,404,000 after buying an additional 57,750 shares in the last quarter. Institutional investors own 91.61% of the company’s stock.

About Progress Software Corporation

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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