Progress Software Corporation (PRGS) Receives Average Rating of “Hold” from Brokerages
Shares of Progress Software Corporation (NASDAQ:PRGS) have been given a consensus rating of “Hold” by the eight brokerages that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $36.00.
A number of equities analysts have recently commented on the stock. ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Wedbush restated a “neutral” rating and issued a $32.00 price objective on shares of Progress Software in a research report on Monday, September 18th. Benchmark restated a “buy” rating and issued a $42.00 price objective (up from $34.00) on shares of Progress Software in a research report on Wednesday, September 13th. Finally, BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th.
Progress Software (NASDAQ:PRGS) opened at $41.43 on Thursday. The firm has a market cap of $1,979.25, a PE ratio of 25.24 and a beta of 0.65. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.27 and a quick ratio of 1.27. Progress Software has a 12 month low of $27.16 and a 12 month high of $42.97.
Progress Software announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Institutional investors have recently made changes to their positions in the business. Riverhead Capital Management LLC lifted its position in Progress Software by 76.5% during the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after purchasing an additional 1,530 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Progress Software 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 purchasing an additional 44 shares during the last quarter. Amalgamated Bank bought a new stake in Progress Software during the second quarter valued at approximately $206,000. ETRADE Capital Management LLC bought a new stake in Progress Software during the second quarter valued at approximately $213,000. Finally, Koch Industries Inc. bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $223,000. Institutional investors and hedge funds own 93.71% of the company’s stock.
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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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