Progress Software Corporation (NASDAQ:PRGS) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $32.25.

Several equities analysts have recently issued reports on the company. BidaskClub cut Progress Software Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research note on Wednesday, July 5th. Finally, TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th.

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Shares of Progress Software Corporation (PRGS) opened at 31.42 on Friday. The firm’s 50-day moving average is $31.42 and its 200-day moving average is $29.68. Progress Software Corporation has a 52-week low of $25.55 and a 52-week high of $32.53. The firm’s market cap is $1.52 billion.

Progress Software Corporation (NASDAQ:PRGS) last posted its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The firm had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. During the same period in the previous year, the firm earned $0.33 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. Analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.125 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 annualized dividend and a yield of 1.59%.

Large investors have recently modified their holdings of the company. Bank of Montreal Can boosted its stake in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares during the last quarter. Morgan Stanley boosted its stake in shares of Progress Software Corporation by 107.2% in the first quarter. Morgan Stanley now owns 370,821 shares of the software maker’s stock valued at $10,773,000 after buying an additional 191,822 shares during the last quarter. Quotient Investors LLC boosted its stake in shares of Progress Software Corporation by 27.1% in the first quarter. Quotient Investors LLC now owns 17,800 shares of the software maker’s stock valued at $517,000 after buying an additional 3,800 shares during the last quarter. Guggenheim Capital LLC purchased a new stake in shares of Progress Software Corporation during the fourth quarter valued at $979,000. Finally, TD Asset Management Inc. boosted its stake in shares of Progress Software Corporation by 231.0% in the first quarter. TD Asset Management Inc. now owns 82,750 shares of the software maker’s stock valued at $2,404,000 after buying an additional 57,750 shares during the last quarter. 91.31% of the stock is currently owned by institutional investors.

About Progress Software Corporation

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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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