Progress Software (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
A number of other analysts have also recently commented on PRGS. ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Benchmark reiterated a “buy” rating and set a $47.00 price objective (up previously from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Finally, BidaskClub cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $46.33.
Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.13. The company had revenue of $116.30 million during the quarter, compared to analysts’ expectations of $114.33 million. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. Progress Software’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 earnings per share. equities analysts forecast that Progress Software will post 1.95 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in Progress Software by 1.0% in the fourth quarter. BlackRock Inc. now owns 6,187,103 shares of the software maker’s stock worth $263,385,000 after buying an additional 60,738 shares in the last quarter. Renaissance Technologies LLC increased its position in Progress Software by 43.2% in the fourth quarter. Renaissance Technologies LLC now owns 988,000 shares of the software maker’s stock worth $42,059,000 after buying an additional 298,000 shares in the last quarter. Teachers Advisors LLC increased its position in Progress Software by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 592,083 shares of the software maker’s stock worth $25,205,000 after buying an additional 35,756 shares in the last quarter. Tensile Capital Management LLC increased its position in Progress Software by 0.3% in the fourth quarter. Tensile Capital Management LLC now owns 501,401 shares of the software maker’s stock worth $21,345,000 after buying an additional 1,300 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in Progress Software by 149.5% in the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock worth $18,513,000 after buying an additional 290,630 shares in the last quarter. Institutional investors and hedge funds own 94.27% of the company’s stock.
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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