Progress Software Corp. (PRGS) Receives Neutral Rating from Wedbush
Progress Software Corp. (NASDAQ:PRGS)‘s stock had its “neutral” rating reissued by research analysts at Wedbush in a report issued on Tuesday. They presently have a $24.00 target price on the stock. Wedbush’s price objective indicates a potential downside of 13.36% from the stock’s previous close.
Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Thursday, July 7th. TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. JMP Securities reiterated a “hold” rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. Finally, Ladenburg Thalmann downgraded 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 analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded down 1.55% during mid-day trading on Tuesday, reaching $27.27. The company’s stock had a trading volume of 56,591 shares. Progress Software Corp. has a 12 month low of $22.01 and a 12 month high of $29.80. The stock’s 50-day moving average is $28.24 and its 200-day moving average is $27.11. The firm has a market capitalization of $1.33 billion, a PE ratio of 158.55 and a beta of 1.14.
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Progress Software Corp. (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $102 million for the quarter, compared to analysts’ expectations of $104.72 million. During the same period in the previous year, the firm posted $0.39 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Progress Software Corp. will post $1.59 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a dividend of $0.125 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.81%.
In other 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 transaction of $25,299,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PRGS. Emerald Acquisition Ltd. acquired a new stake in Progress Software Corp. during the second quarter worth $6,526,000. JPMorgan Chase & Co. boosted its stake in Progress Software Corp. by 77.8% in the second quarter. JPMorgan Chase & Co. now owns 329,587 shares of the company’s stock worth $9,051,000 after buying an additional 144,253 shares during the period. Renaissance Technologies LLC boosted its stake in Progress Software Corp. by 33.0% in the first quarter. Renaissance Technologies LLC now owns 537,011 shares of the company’s stock worth $12,953,000 after buying an additional 133,100 shares during the period. Dimensional Fund Advisors LP boosted its stake in 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 worth $56,949,000 after buying an additional 123,197 shares during the period. Finally, Riverhead Capital Management LLC boosted its stake in Progress Software Corp. by 854.4% in the second quarter. Riverhead Capital Management LLC now owns 135,729 shares of the company’s stock worth $11,492,000 after buying an additional 121,507 shares during the period. 92.65% of the stock is currently owned by institutional investors.
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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