Progress Software Downgraded by Zacks (PRGS)
Progress Software (NASDAQ:PRGS) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday. They currently have a $25.90 price objective on the stock. Zacks‘s price objective points to a potential upside of 10.54% from the company’s current price.
A number of other analysts have also recently weighed in on PRGS. Analysts at TheStreet upgraded shares of Progress Software to a “buy” rating in a research note on Friday, July 25th. Analysts at Wedbush raised their price target on shares of Progress Software from $22.00 to $23.00 in a research note on Friday, June 27th. They now have a “neutral” rating on the stock. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Progress Software currently has a consensus rating of “Hold” and a consensus target price of $24.98.
Shares of Progress Software (NASDAQ:PRGS) traded down 0.51% during mid-day trading on Thursday, hitting $23.31. The stock had a trading volume of 60,754 shares. Progress Software has a 52 week low of $20.06 and a 52 week high of $26.95. The stock’s 50-day moving average is $23.45 and its 200-day moving average is $22.7. The company has a market cap of $1.181 billion and a P/E ratio of 19.28.
Progress Software (NASDAQ:PRGS) last announced its earnings results 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 $1.42 earnings per share for the current fiscal year.
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.
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