Zacks Investment Research Upgrades Progress Software Corporation (PRGS) to “Buy”
Zacks Investment Research upgraded shares of Progress Software Corporation (NASDAQ:PRGS) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The firm currently has $41.00 target price on the software maker’s stock.
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. “
Other equities analysts have also issued research reports about the stock. BidaskClub raised shares of Progress Software Corporation from a sell rating to a hold rating in a research note on Wednesday, June 28th. TheStreet raised shares of Progress Software Corporation from a c+ rating to a b rating in a research note on Wednesday, June 28th. Finally, Benchmark Co. reaffirmed a buy rating and issued a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Progress Software Corporation has a consensus rating of Hold and a consensus target price of $37.25.
Progress Software Corporation (NASDAQ:PRGS) opened at 37.49 on Friday. Progress Software Corporation has a 12-month low of $25.55 and a 12-month high of $38.51. The firm’s 50-day moving average price is $33.27 and its 200-day moving average price is $30.68. The company’s market cap is $1.81 billion.
Progress Software Corporation (NASDAQ:PRGS) last released its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the 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%. Progress Software Corporation’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 earnings per share. Equities research analysts forecast that Progress Software Corporation will post $1.78 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.14 dividend. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.49%. The ex-dividend date is Thursday, November 30th. Progress Software Corporation’s payout ratio is -42.74%.
A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. BlackRock Inc. increased its stake in Progress Software Corporation by 53,713.4% in the first 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 in the last quarter. Numeric Investors LLC increased its stake in Progress Software Corporation by 2,170.2% in the second 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 in the last quarter. JPMorgan Chase & Co. increased its stake in Progress Software Corporation by 113.2% in the first 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 in the last quarter. Oaktop Capital Management II L.P. bought a new stake in Progress Software Corporation in the second quarter valued at $18,921,000. Finally, Renaissance Technologies LLC increased its stake in Progress Software Corporation by 210.1% in the second quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock valued at $14,176,000 after purchasing an additional 310,900 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.
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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