Progress Software Corporation (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday.

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. “

Several other equities analysts have also commented on the company. BidaskClub lowered Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. 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. Finally, TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Progress Software Corporation (NASDAQ:PRGS) opened at 37.31 on Friday. Progress Software Corporation has a 12-month low of $25.55 and a 12-month high of $38.51. The company’s market cap is $1.80 billion. The stock’s 50 day moving average is $33.12 and its 200 day moving average is $30.60.

Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The company had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. On average, equities analysts forecast that Progress Software Corporation will post $1.78 earnings per share for the current year.

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A number of institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its position in Progress Software Corporation by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after buying an additional 44 shares during the period. US Bancorp DE increased its holdings in shares of Progress Software Corporation by 0.6% during the first quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock valued at $706,000 after acquiring an additional 143 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Progress Software Corporation by 2.9% during the first quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock valued at $220,000 after acquiring an additional 215 shares in the last quarter. Stanley Laman Group Ltd. increased its holdings in shares of Progress Software Corporation by 1.7% during the second quarter. Stanley Laman Group Ltd. now owns 18,935 shares of the software maker’s stock valued at $585,000 after acquiring an additional 318 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Progress Software Corporation by 1.6% during the first quarter. Arizona State Retirement System now owns 25,429 shares of the software maker’s stock valued at $739,000 after acquiring an additional 400 shares in the last quarter. 91.61% of the stock is owned by institutional investors and hedge funds.

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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