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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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