Progress Software (PRGS) Receiving Positive News Coverage, Study Shows
Press coverage about Progress Software (NASDAQ:PRGS) has been trending positive recently, Alpha One Sentiment Analysis reports. The research firm, a service of Accern, ranks the sentiment of media coverage by reviewing more than twenty million news and blog sources in real time. Alpha One ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Progress Software earned a coverage optimism score of 0.40 on Alpha One’s scale. Alpha One also gave headlines about the software maker an impact score of 75 out of 100, meaning that recent media coverage is likely to have an impact on the company’s share price in the near term.
PRGS has been the subject of a number of recent research reports. TheStreet downgraded Progress Software from a “b-” rating to a “c” rating in a research note on Wednesday, January 18th. Benchmark Co. restated a “buy” rating and set a $32.00 price objective (down from $34.00) on shares of Progress Software in a research note on Wednesday, January 18th. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Tuesday, January 24th. Finally, Wedbush restated a “neutral” rating on shares of Progress Software in a research note on Wednesday, January 18th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $31.20.
Progress Software (NASDAQ:PRGS) traded down 0.17% on Wednesday, hitting $29.77. The stock had a trading volume of 214,645 shares. Progress Software has a 1-year low of $23.98 and a 1-year high of $32.47. The firm’s market cap is $1.43 billion. The firm’s 50-day moving average price is $29.20 and its 200-day moving average price is $29.24.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, March 29th. The software maker reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.08. Progress Software had a positive return on equity of 13.46% and a negative net margin of 13.75%. The firm earned $91.20 million during the quarter, compared to analysts’ expectations of $87.48 million. During the same period last year, the firm posted $0.27 EPS. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts predict that Progress Software will post $1.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $0.50 dividend on an annualized basis and a yield of 1.68%. Progress Software’s dividend payout ratio is -42.73%.
In related news, major shareholder Praesidium Investment Manageme sold 100,000 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $27.94, for a total transaction of $2,794,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.60% of the company’s stock.
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Progress Software Company Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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