Progress Software Corporation (PRGS) Receives Neutral Rating from Wedbush
Wedbush restated their neutral rating on shares of Progress Software Corporation (NASDAQ:PRGS) in a research note issued to investors on Monday. They currently have a $32.00 price target on the software maker’s stock. Wedbush also issued estimates for Progress Software Corporation’s FY2018 earnings at $1.56 EPS.
Several other analysts have also weighed in on the company. BidaskClub upgraded Progress Software Corporation from a sell rating to a hold rating in a report on Wednesday, June 28th. Zacks Investment Research upgraded Progress Software Corporation from a hold rating to a strong-buy rating and set a $36.00 price target on the stock in a report on Wednesday, July 5th. TheStreet upgraded Progress Software Corporation from a c+ rating to a b rating in a report on Wednesday, June 28th. Finally, Benchmark Co. restated a buy rating and set a $42.00 price target (up previously from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Progress Software Corporation presently has a consensus rating of Hold and an average price target of $37.25.
Progress Software Corporation (NASDAQ:PRGS) opened at 37.05 on Monday. The stock’s market capitalization is $1.79 billion. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $38.51. The company has a 50 day moving average of $33.44 and a 200 day moving average of $30.75.
Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The company had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same quarter in the prior year, the firm posted $0.33 EPS. Progress Software Corporation’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that Progress Software Corporation will post $1.80 EPS for the current fiscal year.
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The firm also recently announced 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 a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, November 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.49%. Progress Software Corporation’s dividend payout ratio (DPR) is presently -42.74%.
A number of hedge funds have recently added to or reduced their stakes in the business. 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 worth $177,730,000 after purchasing an additional 6,106,679 shares during the period. Vanguard Group Inc. increased its stake in Progress Software Corporation by 1.6% in the second quarter. Vanguard Group Inc. now owns 4,328,238 shares of the software maker’s stock worth $133,700,000 after purchasing an additional 67,869 shares during the period. JPMorgan Chase & Co. increased its stake in Progress Software Corporation by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock worth $56,630,000 after purchasing an additional 358,804 shares during the period. State Street Corp increased its stake in Progress Software Corporation by 9.8% in the second quarter. State Street Corp now owns 1,332,588 shares of the software maker’s stock worth $41,165,000 after purchasing an additional 118,409 shares during the period. Finally, 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 worth $34,829,000 after purchasing an additional 1,077,842 shares during the period. Institutional investors and hedge funds own 91.28% 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.
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