Wedbush Increases Progress Software Price Target to $23.00 (PRGS)
Analysts at Wedbush increased their price objective on shares of Progress Software (NASDAQ:PRGS) from $22.00 to $23.00 in a research report issued to clients and investors on Friday. The firm currently has a “neutral” rating on the stock. Wedbush’s price objective points to a potential downside of 4.64% from the stock’s previous close.
Shares of Progress Software (NASDAQ:PRGS) traded up 8.45% during mid-day trading on Friday, hitting $24.12. 2,223,609 shares of the company’s stock traded hands. Progress Software has a 52-week low of $20.06 and a 52-week high of $26.95. The stock has a 50-day moving average of $21.88 and a 200-day moving average of $23.11. The company has a market cap of $1.239 billion and a price-to-earnings ratio of 21.87.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 26th. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.03. The company had revenue of $80.80 million for the quarter, compared to the consensus estimate of $78.46 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Progress Software will post $1.38 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Progress Software from an “underperform” rating to a “neutral” rating in a research note on Wednesday, June 4th. They now have a $21.80 price target on the stock. Finally, analysts at TheStreet downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Four research analysts have rated the stock with a hold rating, Progress Software currently has a consensus rating of “Hold” and a consensus price target of $23.95.
Progress Software Corporation is a global software company. The Company’s portfolio of products provides solutions for enterprise integration, data interoperability and application development, including software-as-a-service (NASDAQ:PRGS) enablement and delivery in the Cloud.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.