According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “
A number of other analysts also recently commented on the company. Ladenburg Thalmann downgraded Progress Software Corp. from a buy rating to a neutral rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities restated a hold rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. TheStreet raised shares of Progress Software Corp. from a hold rating to a buy rating in a research report on Thursday, June 30th. Finally, Wedbush reaffirmed a hold rating and set a $24.00 price target on shares of Progress Software Corp. in a research report on Sunday, June 26th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded down 1.33% during mid-day trading on Wednesday, reaching $27.53. The company’s stock had a trading volume of 123,691 shares. The stock has a market capitalization of $1.34 billion, a P/E ratio of 160.06 and a beta of 1.14. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80. The stock’s 50 day moving average price is $28.35 and its 200 day moving average price is $27.01.
Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The business earned $102 million during the quarter, compared to analyst estimates of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The company’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 earnings per share. Analysts expect that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a $0.125 dividend. The ex-dividend date is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a yield of 1.79%.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Paul A. Jalbert sold 21,041 shares of the company’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $28.93, for a total transaction of $608,716.13. Following the completion of the transaction, the chief accounting officer now directly owns 22,125 shares of the company’s stock, valued at $640,076.25. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its position in Progress Software Corp. by 33.0% in the first quarter. Renaissance Technologies LLC now owns 537,011 shares of the company’s stock worth $12,953,000 after buying an additional 133,100 shares during the last quarter. Springbok Capital Management LLC boosted its position in shares of Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock valued at $205,000 after buying an additional 3,700 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Progress Software Corp. by 1.7% in the second quarter. Capstone Asset Management Co. now owns 14,764 shares of the company’s stock valued at $405,000 after buying an additional 240 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Progress Software Corp. during the second quarter valued at approximately $6,526,000. Finally, Aperio Group LLC boosted its position in shares of Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock valued at $351,000 after buying an additional 5,261 shares during the last quarter. 92.65% of the stock is owned by 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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