Progress Software (PRGS) Rating Lowered to Hold at ValuEngine

Progress Software (NASDAQ:PRGS) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday.

Several other research firms have also weighed in on PRGS. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Thursday, September 28th. Benchmark reissued a “buy” rating and set a $42.00 price target (up from $34.00) on shares of Progress Software in a research report on Wednesday, September 13th. Finally, Wedbush reissued a “neutral” rating and set a $32.00 price target on shares of Progress Software in a research report on Monday, September 18th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.50.

Progress Software (NASDAQ:PRGS) traded up $0.10 during trading hours on Friday, reaching $41.44. The company had a trading volume of 354,275 shares, compared to its average volume of 266,461. The firm has a market capitalization of $1,976.38, a price-to-earnings ratio of 25.21 and a beta of 0.65. Progress Software has a 52-week low of $27.16 and a 52-week high of $42.97. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.08. The firm had revenue of $97.60 million for the quarter, compared to analyst estimates of $97.60 million. Progress Software had a positive return on equity of 20.30% and a negative net margin of 13.23%. Progress Software’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share. sell-side analysts anticipate that Progress Software will post 1.65 earnings per share for the current year.

Progress Software declared that its Board of Directors has authorized a stock repurchase program on Wednesday, September 27th that permits the company to repurchase $159.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its position in Progress Software by 0.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after purchasing an additional 44 shares during the last quarter. Stanley Laman Group Ltd. boosted its stake in shares of Progress Software by 1.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 18,935 shares of the software maker’s stock worth $585,000 after acquiring an additional 318 shares in the last quarter. Pacad Investment Ltd. boosted its stake in Progress Software by 5.8% during 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. Municipal Employees Retirement System of Michigan boosted its stake in Progress Software by 4.2% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,510 shares of the software maker’s stock valued at $356,000 after purchasing an additional 460 shares during the period. Finally, Profund Advisors LLC boosted its stake in Progress Software by 6.0% during the 2nd quarter. Profund Advisors LLC now owns 9,243 shares of the software maker’s stock valued at $286,000 after purchasing an additional 526 shares during the period. 93.71% of the stock is currently owned by institutional investors.

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About Progress Software

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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