Progress Software (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday. The brokerage currently has a $60.00 target price on the software maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.26% from the company’s current price.

According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “

Several other analysts have also recently commented on the company. Benchmark restated a “buy” rating and issued a $47.00 target price (up from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Progress Software has a consensus rating of “Buy” and a consensus price target of $46.33.

Shares of Progress Software (NASDAQ PRGS) traded up $0.15 during midday trading on Thursday, hitting $52.51. The company had a trading volume of 684,800 shares, compared to its average volume of 642,836. The company has a market cap of $2,503.22, a P/E ratio of 68.20 and a beta of 0.65. Progress Software has a 1-year low of $27.44 and a 1-year high of $53.60. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.31.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, January 10th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The business had revenue of $116.30 million for the quarter, compared to the consensus estimate of $114.33 million. During the same quarter last year, the business posted $0.62 EPS. The business’s revenue was down 1.4% on a year-over-year basis. equities research analysts forecast that Progress Software will post 1.95 earnings per share for the current year.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can increased its position in shares of Progress Software by 11.9% during the 4th quarter. Bank of Montreal Can now owns 81,740 shares of the software maker’s stock valued at $3,480,000 after purchasing an additional 8,718 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Progress Software by 5.1% during the 4th quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the software maker’s stock valued at $877,000 after purchasing an additional 1,000 shares during the period. RWC Asset Management LLP acquired a new position in shares of Progress Software during the 3rd quarter valued at $11,451,000. Scoggin Management LP acquired a new position in shares of Progress Software during the 3rd quarter valued at $4,771,000. Finally, California Public Employees Retirement System increased its position in shares of Progress Software by 13.7% during the 3rd quarter. California Public Employees Retirement System now owns 35,804 shares of the software maker’s stock valued at $1,367,000 after purchasing an additional 4,304 shares during the period. Hedge funds and other institutional investors own 93.64% of the company’s stock.

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Progress Software 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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