Progress Software Corporation (PRGS) Receives Consensus Recommendation of “Hold” from Analysts
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.
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