Progress Software Corporation (NASDAQ:PRGS) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 400,194 shares, a decline of 51.6% from the November 15th total of 826,328 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily volume of 293,405 shares, the days-to-cover ratio is currently 1.4 days.

Shares of Progress Software (NASDAQ PRGS) opened at $41.83 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. Progress Software has a 1 year low of $27.16 and a 1 year high of $42.97. The company has a market cap of $1,980.68, a P/E ratio of 25.26 and a beta of 0.65.

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

Progress Software announced that its board has approved a stock repurchase program on Wednesday, September 27th that allows the company to buyback $159.00 million in outstanding shares. This buyback authorization allows the software maker to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Several equities research analysts recently issued reports on PRGS shares. BidaskClub raised shares of Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research lowered shares of Progress Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 30th. Benchmark reaffirmed a “buy” rating and set a $42.00 price target (up from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. Wedbush reaffirmed a “neutral” rating and set a $32.00 price target on shares of Progress Software in a report on Monday, September 18th. Finally, ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $37.50.

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Progress Software by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,328,238 shares of the software maker’s stock worth $133,700,000 after buying an additional 67,869 shares during the period. JPMorgan Chase & Co. boosted its position in Progress Software by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock worth $56,630,000 after buying an additional 358,804 shares during the period. State Street Corp boosted its position in Progress Software by 9.8% during the 2nd quarter. State Street Corp now owns 1,332,588 shares of the software maker’s stock worth $41,165,000 after buying an additional 118,409 shares during the period. Numeric Investors LLC boosted its position in Progress Software by 2,170.2% during the 2nd quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock worth $34,829,000 after buying an additional 1,077,842 shares during the period. Finally, Northern Trust Corp boosted its position in Progress Software by 1.6% during the 2nd quarter. Northern Trust Corp now owns 989,122 shares of the software maker’s stock worth $30,554,000 after buying an additional 15,430 shares during the period. 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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