Progress Software (NASDAQ:PRGS) Upgraded at BidaskClub
Several other research analysts also recently commented on the company. ValuEngine raised Progress Software from a sell rating to a hold rating in a report on Friday, March 13th. Wedbush reduced their target price on Progress Software from $58.00 to $42.00 and set an outperform rating on the stock in a report on Friday, March 27th. Zacks Investment Research downgraded Progress Software from a buy rating to a hold rating in a report on Saturday, May 30th. Benchmark upped their price objective on Progress Software from $39.00 to $43.00 and gave the stock a buy rating in a report on Friday, June 26th. Finally, TheStreet upgraded shares of Progress Software from a c+ rating to a b rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $45.25.
NASDAQ PRGS opened at $38.38 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.87. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50. The company has a market capitalization of $1.72 billion, a PE ratio of 37.63 and a beta of 1.11. The business’s 50-day moving average price is $38.95 and its 200 day moving average price is $39.47.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Monday, August 31st. Progress Software’s dividend payout ratio (DPR) is presently 28.82%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its holdings in shares of Progress Software by 19.8% during the 4th quarter. Barclays PLC now owns 95,128 shares of the software maker’s stock worth $3,953,000 after acquiring an additional 15,741 shares during the period. Mason Street Advisors LLC increased its position in shares of Progress Software by 2.7% during the 4th quarter. Mason Street Advisors LLC now owns 15,599 shares of the software maker’s stock worth $648,000 after purchasing an additional 412 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Progress Software by 36.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 365,938 shares of the software maker’s stock worth $15,204,000 after purchasing an additional 98,365 shares during the last quarter. Texas Permanent School Fund increased its position in shares of Progress Software by 24.3% during the 1st quarter. Texas Permanent School Fund now owns 38,091 shares of the software maker’s stock worth $1,219,000 after purchasing an additional 7,457 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Progress Software by 53.2% during the 4th quarter. UBS Group AG now owns 76,927 shares of the software maker’s stock worth $3,196,000 after purchasing an additional 26,715 shares during the last quarter. 93.74% of the stock is currently owned by institutional investors and hedge funds.
About Progress Software
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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