Progress Software Corporation (NASDAQ:PRGS) – Analysts at Wedbush raised their Q3 2017 earnings per share (EPS) estimates for Progress Software Corporation in a report issued on Wednesday. Wedbush analyst S. Koenig now expects that the software maker will post earnings of $0.40 per share for the quarter, up from their previous estimate of $0.36. Wedbush also issued estimates for Progress Software Corporation’s FY2017 earnings at $1.59 EPS.

Progress Software Corporation (NASDAQ:PRGS) last announced its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 18.10%. The company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. During the same quarter in the previous year, the company posted $0.33 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis.

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Several other research analysts have also recently issued reports on PRGS. BidaskClub cut Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective for the company in a research report on Wednesday, July 5th. Finally, Benchmark Co. reiterated a “buy” rating and issued a $42.00 price objective (up previously from $34.00) on shares of Progress Software Corporation in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $34.75.

Shares of Progress Software Corporation (NASDAQ PRGS) opened at 36.23 on Thursday. The firm’s 50-day moving average is $32.72 and its 200 day moving average is $30.45. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $36.94. The firm’s market cap is $1.75 billion.

Several hedge funds have recently made changes to their positions in PRGS. BlackRock Inc. increased its position in shares of Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock valued at $177,730,000 after buying an additional 6,106,679 shares in the last quarter. Numeric Investors LLC increased its position in shares of Progress Software Corporation by 2,170.2% in the second quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock valued at $34,829,000 after buying an additional 1,077,842 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock valued at $42,834,000 after buying an additional 782,906 shares in the last quarter. Oaktop Capital Management II L.P. purchased a new position in shares of Progress Software Corporation in the second quarter valued at $18,921,000. Finally, Renaissance Technologies LLC increased its position in shares of Progress Software Corporation by 210.1% in the second quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock valued at $14,176,000 after buying an additional 310,900 shares in the last quarter. Institutional investors and hedge funds own 91.61% of the company’s stock.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.55%. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is currently -42.74%.

Progress Software Corporation 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.

Earnings History and Estimates for Progress Software Corporation (NASDAQ:PRGS)

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