Benchmark Co. Reiterates “Buy” Rating for Progress Software Corp. (PRGS)
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by equities research analysts at Benchmark Co. in a report issued 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 previous close.
PRGS has been the subject of several other research reports. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 30th. Wedbush reissued a “neutral” rating and set a $24.00 price target on shares of Progress Software Corp. in a report on Tuesday. Zacks Investment Research raised Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, July 7th. Ladenburg Thalmann lowered Progress Software Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. Finally, JMP Securities reissued a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Five investment 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 stock has a consensus rating of “Hold” and a consensus price target of $28.38.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded down 1.19% during trading on Tuesday, hitting $27.37. The stock had a trading volume of 205,381 shares. The company has a market cap of $1.33 billion, a PE ratio of 159.13 and a beta of 1.14. The stock has a 50 day moving average of $28.24 and a 200 day moving average of $27.11. Progress Software Corp. has a 12 month low of $22.01 and a 12 month high of $29.80.
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Progress Software Corp. (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 had revenue of $102 million for the quarter, compared to the consensus estimate of $104.72 million. During the same period in the prior year, the firm posted $0.39 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities analysts forecast that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.81%.
In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Fisher Asset Management LLC boosted its stake in shares of Progress Software Corp. by 6.7% in the third quarter. Fisher Asset Management LLC now owns 903,311 shares of the company’s stock valued at $24,570,000 after buying an additional 57,101 shares during the last quarter. Mason Street Advisors LLC bought a new stake in shares of Progress Software Corp. during the second quarter valued at $270,000. Public Employees Retirement System of Ohio boosted its stake in shares of 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 during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Progress Software Corp. by 2.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 489,896 shares of the company’s stock valued at $13,453,000 after buying an additional 10,812 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Progress Software Corp. during the second quarter valued at $699,000. 92.65% of the stock is currently owned by institutional investors.
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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