Progress Software Corp. (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.55-0.58 for the period, compared to the Thomson Reuters consensus estimate of $0.58. The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $122.65 million.
Several equities analysts have weighed in on the company. Wedbush reissued a hold rating and issued a $24.00 target price on shares of Progress Software Corp. in a research note on Sunday, June 26th. Ladenburg Thalmann lowered Progress Software Corp. from a buy rating to a neutral rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. Citigroup Inc. downgraded Progress Software Corp. from a neutral rating to a sell rating and lowered their price target for the stock from $36.00 to $31.00 in a report on Friday, June 3rd. Zacks Investment Research upgraded Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price target for the company in a report on Thursday, July 7th. Finally, JMP Securities restated a hold rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $28.56.
Shares of Progress Software Corp. (NASDAQ:PRGS) opened at 28.40 on Thursday. The firm’s market capitalization is $1.38 billion. The company’s 50-day moving average price is $28.52 and its 200 day moving average price is $26.89. Progress Software Corp. has a 12-month low of $21.94 and a 12-month high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Progress Software Corp. had a positive return on equity of 11.42% and a negative net margin of 0.79%. The firm had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same period last year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts forecast that Progress Software Corp. will post $1.61 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.76%.
In other Progress Software Corp. news, CAO Paul A. Jalbert sold 21,041 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $28.93, for a total transaction of $608,716.13. Following the completion of the sale, the chief accounting officer now directly owns 22,125 shares of the company’s stock, valued at approximately $640,076.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Citadel Advisors LLC raised its stake in shares of Progress Software Corp. by 198.0% in the second quarter. Citadel Advisors LLC now owns 42,935 shares of the company’s stock worth $1,179,000 after buying an additional 28,526 shares in the last quarter. KCG Holdings Inc. bought a new stake in shares of Progress Software Corp. during the second quarter worth approximately $252,000. University of Notre Dame du Lac raised its stake in shares of Progress Software Corp. by 40.7% in the second quarter. University of Notre Dame du Lac now owns 78,869 shares of the company’s stock worth $2,166,000 after buying an additional 22,809 shares in the last quarter. Paradigm Asset Management Co. LLC raised its stake in shares of Progress Software Corp. by 17.5% in the second quarter. Paradigm Asset Management Co. LLC now owns 16,750 shares of the company’s stock worth $460,000 after buying an additional 2,500 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its stake in shares of Progress Software Corp. by 854.4% in the second quarter. Riverhead Capital Management LLC now owns 135,729 shares of the company’s stock worth $11,492,000 after buying an additional 121,507 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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