Benchmark Co. Reaffirms Buy Rating for Progress Software Corp. (PRGS)
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark Co. in a note issued to investors on Tuesday. They presently have a $31.00 price objective on the stock. Benchmark Co.’s target price indicates a potential upside of 11.91% from the stock’s current price.
Other equities research analysts have also issued research reports about the company. Wedbush restated a “neutral” rating and set a $24.00 price target on shares of Progress Software Corp. in a research note on Tuesday. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. Zacks Investment Research upgraded Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Thursday, July 7th. Finally, 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. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded down 1.23% during midday trading on Tuesday, reaching $27.36. 170,969 shares of the company traded hands. The firm has a 50-day moving average of $28.24 and a 200-day moving average of $27.11. The stock has a market capitalization of $1.33 billion, a P/E ratio of 159.07 and a beta of 1.14. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80.
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Progress Software Corp. (NASDAQ:PRGS) last posted its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.01. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The company earned $102 million during the quarter, compared to analysts’ expectations of $104.72 million. During the same quarter last year, the firm earned $0.39 EPS. Progress Software Corp.’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts predict that Progress Software Corp. will post $1.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Tuesday, November 29th.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s 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 can be accessed through this hyperlink. 2.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Emerald Acquisition Ltd. acquired a new position in shares of Progress Software Corp. during the second quarter valued at $6,526,000. JPMorgan Chase & Co. increased its position in shares of Progress Software Corp. by 77.8% in the second quarter. JPMorgan Chase & Co. now owns 329,587 shares of the company’s stock valued at $9,051,000 after buying an additional 144,253 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Progress Software Corp. by 33.0% in the first quarter. Renaissance Technologies LLC now owns 537,011 shares of the company’s stock valued at $12,953,000 after buying an additional 133,100 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Progress Software Corp. by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,074,052 shares of the company’s stock valued at $56,949,000 after buying an additional 123,197 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its position in shares of Progress Software Corp. by 854.4% in the second quarter. Riverhead Capital Management LLC now owns 135,729 shares of the company’s stock valued at $11,492,000 after buying an additional 121,507 shares during the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.
About Progress Software Corp.
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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