Progress Software Corporation (PRGS) Receives Average Rating of “Hold” from Analysts
Shares of Progress Software Corporation (NASDAQ:PRGS) have earned a consensus rating of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $36.00.
A number of brokerages recently weighed in on PRGS. Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Thursday, September 28th. Wedbush restated a “neutral” rating and set a $32.00 price objective on shares of Progress Software Corporation in a research report on Monday, September 18th. Benchmark Co. restated 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, September 13th. Finally, BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th.
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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its holdings in Progress Software Corporation by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after buying an additional 44 shares during the period. Sei Investments Co. lifted its stake in shares of Progress Software Corporation by 2.9% in the 1st quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock valued at $220,000 after purchasing an additional 215 shares during the period. Stanley Laman Group Ltd. lifted its stake in shares of Progress Software Corporation by 1.7% in the 2nd quarter. Stanley Laman Group Ltd. now owns 18,935 shares of the software maker’s stock valued at $585,000 after purchasing an additional 318 shares during the period. Pacad Investment Ltd. lifted its stake in shares of Progress Software Corporation by 5.8% in the 2nd quarter. Pacad Investment Ltd. now owns 7,300 shares of the software maker’s stock valued at $225,000 after purchasing an additional 400 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Progress Software Corporation by 0.5% in the 1st quarter. Legal & General Group Plc now owns 87,293 shares of the software maker’s stock valued at $2,535,000 after purchasing an additional 438 shares during the period. 92.47% of the stock is currently owned by hedge funds and other institutional investors.
Progress Software Corporation (NASDAQ PRGS) opened at 42.37 on Wednesday. The stock’s 50 day moving average price is $38.45 and its 200 day moving average price is $32.73. The firm’s market cap is $2.03 billion. Progress Software Corporation has a 52 week low of $26.23 and a 52 week high of $42.51.
Progress Software Corporation (NASDAQ:PRGS) last issued its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The business had revenue of $97.60 million for the quarter, compared to analyst estimates of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. Progress Software Corporation’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. On average, equities research analysts predict that Progress Software Corporation will post $1.85 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 30th. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.32%. Progress Software Corporation’s payout ratio is presently -45.87%.
Progress Software Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, September 27th that authorizes the company to buyback $159.00 million in outstanding shares. This buyback authorization authorizes the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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.
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