Progress Software Corporation (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $41.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.84% from the stock’s previous close.

According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “

Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. BidaskClub cut shares of Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Benchmark Co. reissued a “buy” rating and set a $42.00 price objective (up previously from $34.00) on shares of Progress Software Corporation in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $36.00.

Shares of Progress Software Corporation (NASDAQ PRGS) opened at 36.99 on Friday. Progress Software Corporation has a 1-year low of $25.55 and a 1-year high of $37.06. The firm’s market cap is $1.79 billion. The firm has a 50 day moving average price of $32.97 and a 200 day moving average price of $30.54.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.05. The company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 18.10%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. Analysts anticipate that Progress Software Corporation will post $1.77 EPS for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of PRGS. Bank of Montreal Can raised its holdings in shares of Progress Software Corporation by 25.3% in the 1st quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock worth $117,000 after acquiring an additional 818 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Progress Software Corporation by 18.4% in the 1st quarter. Wells Fargo & Company MN now owns 621,843 shares of the software maker’s stock worth $18,057,000 after acquiring an additional 96,785 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Progress Software Corporation by 7.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 69,911 shares of the software maker’s stock worth $2,029,000 after acquiring an additional 5,085 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Progress Software Corporation by 220.7% in the 1st quarter. First Trust Advisors LP now owns 51,109 shares of the software maker’s stock worth $1,485,000 after acquiring an additional 35,172 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Progress Software Corporation by 0.6% in the 1st quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock worth $706,000 after acquiring an additional 143 shares during the last quarter. Institutional investors own 91.61% of the company’s stock.

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.

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Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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