Progress Software Corp. (PRGS) Earns Neutral Rating from Wedbush
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “neutral” rating reissued by analysts at Wedbush in a report issued on Tuesday. They presently have a $24.00 target price on the stock. Wedbush’s target price points to a potential downside of 13.36% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut Progress Software Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. Ladenburg Thalmann cut 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. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Finally, TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 30th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.70 on Tuesday. Progress Software Corp. has a 52-week low of $22.01 and a 52-week high of $29.80. The company’s 50 day moving average price is $28.24 and its 200 day moving average price is $27.11. The firm has a market cap of $1.35 billion, a PE ratio of 161.05 and a beta of 1.14.
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Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The firm had revenue of $102 million for the quarter, compared to the consensus estimate of $104.72 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 1.7% on a year-over-year basis. Analysts predict that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 annualized dividend and a yield of 1.81%.
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 shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC purchased a new position in shares of Progress Software Corp. during the second quarter valued at approximately $270,000. Public Employees Retirement System of Ohio increased its position 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 in the last quarter. Schwab Charles Investment Management Inc. increased its position 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 in the last quarter. Paloma Partners Management Co purchased a new position in shares of Progress Software Corp. during the second quarter valued at approximately $699,000. Finally, Panagora Asset Management Inc. increased its position in shares of Progress Software Corp. by 6.8% in the second quarter. Panagora Asset Management Inc. now owns 372,824 shares of the company’s stock valued at $10,238,000 after buying an additional 23,897 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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