Progress Software Corp. (NASDAQ:PRGS) Given Average Recommendation of “Hold” by Analysts
Progress Software Corp. (NASDAQ:PRGS) has earned an average rating of “Hold” from the thirteen ratings firms that are currently covering the company. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $28.25.
A number of analysts have recently commented on PRGS shares. Ladenburg Thalmann lowered Progress Software Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. Zacks Investment Research lowered Progress Software Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. Citigroup Inc. lowered Progress Software Corp. from a “neutral” rating to a “sell” rating and cut their price target for the company from $36.00 to $31.00 in a research note on Friday, June 3rd. Finally, Wedbush lifted their price target on Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, June 24th.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.44% during mid-day trading on Tuesday, reaching $27.37. The company had a trading volume of 97,788 shares. The firm’s 50-day moving average is $28.70 and its 200-day moving average is $26.76. Progress Software Corp. has a one year low of $21.94 and a one year high of $29.80. The firm’s market capitalization is $1.33 billion.
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Progress Software Corp. (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, June 29th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $96.10 million for the quarter. Progress Software Corp. had a positive return on equity of 11.42% and a negative net margin of 0.79%. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period last year, the business earned $0.35 earnings per share. On average, equities research analysts anticipate that Progress Software Corp. will post $1.61 earnings per share for the current fiscal year.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of Progress Software Corp. stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Paul A. Jalbert sold 21,041 shares of Progress Software Corp. stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $28.93, for a total value of $608,716.13. Following the completion of the sale, the chief accounting officer now owns 22,125 shares of the company’s stock, valued at $640,076.25. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of PRGS. FNY Managed Accounts LLC acquired a new stake in shares of Progress Software Corp. during the second quarter worth $110,000. Pacad Investment Ltd. purchased a new stake in Progress Software Corp. during the second quarter valued at approximately $126,000. Sei Investments Co. increased its stake in Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock valued at $140,000 after buying an additional 3,517 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Progress Software Corp. by 4.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,114 shares of the company’s stock valued at $140,000 after buying an additional 202 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Progress Software Corp. by 1,636.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,157 shares of the company’s stock valued at $142,000 after buying an additional 4,860 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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