Progress Software Corporation (NASDAQ:PRGS) has been given a consensus recommendation of “Hold” by the seven brokerages that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $36.00.

PRGS has been the subject of a number of recent research reports. BidaskClub lowered shares of Progress Software Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Zacks Investment Research lowered shares of Progress Software Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Benchmark Co. reiterated a “buy” rating and issued a $42.00 price objective (up from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Finally, Wedbush reiterated a “neutral” rating and issued a $32.00 price objective on shares of Progress Software Corporation in a research note on Monday, September 18th.

Shares of Progress Software Corporation (PRGS) opened at $41.90 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.27. Progress Software Corporation has a one year low of $27.16 and a one year high of $42.97. The stock has a market cap of $2,000.00, a P/E ratio of 25.46 and a beta of 0.66.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.08. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business had revenue of $97.60 million during the quarter, compared to analyst estimates of $97.60 million. During the same period in the previous year, the business earned $0.44 EPS. Progress Software Corporation’s revenue was down 4.7% compared to the same quarter last year. research analysts expect that Progress Software Corporation will post 1.65 earnings per share for the current year.

Progress Software Corporation declared that its Board of Directors has approved a stock buyback plan on Wednesday, September 27th that permits the company to repurchase $159.00 million in shares. This repurchase authorization permits the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.34%. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software Corporation’s dividend payout ratio (DPR) is presently -46.30%.

A number of large investors have recently made changes to their positions in the business. RWC Asset Management LLP bought a new position in Progress Software Corporation in the 3rd quarter valued at $11,451,000. Scoggin Management LP bought a new position in Progress Software Corporation in the 3rd quarter valued at $4,771,000. California Public Employees Retirement System lifted its holdings in shares of Progress Software Corporation by 13.7% during the 3rd quarter. California Public Employees Retirement System now owns 35,804 shares of the software maker’s stock worth $1,367,000 after acquiring an additional 4,304 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Progress Software Corporation by 17.8% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 12,126 shares of the software maker’s stock worth $463,000 after acquiring an additional 1,832 shares during the last quarter. Finally, Vident Investment Advisory LLC bought a new stake in shares of Progress Software Corporation during the 3rd quarter worth $338,000. 93.10% of the stock is owned by hedge funds and other institutional investors.

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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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