Progress Software Corporation (NASDAQ:PRGS) has been assigned a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $31.00.

Several analysts have recently commented on PRGS shares. BidaskClub raised shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target on the stock in a research report on Wednesday, July 5th.

Progress Software Corporation (PRGS) opened at 33.46 on Tuesday. The stock’s market capitalization is $1.62 billion. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $33.89. The stock has a 50 day moving average price of $32.30 and a 200 day moving average price of $30.21.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.125 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 annualized dividend and a yield of 1.49%. Progress Software Corporation’s dividend payout ratio (DPR) is presently -42.74%.

A number of institutional investors have recently bought and sold shares of PRGS. BlackRock Inc. increased its holdings in Progress Software Corporation by 53,713.4% in the 1st quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock valued at $177,730,000 after purchasing an additional 6,106,679 shares during the last quarter. Numeric Investors LLC increased its holdings in Progress Software Corporation by 2,170.2% in the 2nd quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock valued at $34,829,000 after purchasing an additional 1,077,842 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Progress Software Corporation by 113.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock valued at $42,834,000 after purchasing an additional 782,906 shares during the last quarter. Oaktop Capital Management II L.P. acquired a new stake in Progress Software Corporation in the 2nd quarter valued at approximately $18,921,000. Finally, Denver Investment Advisors LLC acquired a new stake in Progress Software Corporation in the 1st quarter valued at approximately $12,307,000. Hedge funds and other institutional investors own 91.61% of the company’s stock.

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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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