Benchmark Co. reiterated their buy rating on shares of Progress Software Corp. (NASDAQ:PRGS) in a research note issued to investors on Tuesday. Benchmark Co. currently has a $31.00 price target on the stock.
Several other equities research analysts have also recently issued reports on PRGS. Wedbush reaffirmed a hold rating and issued a $24.00 target price on shares of Progress Software Corp. in a report on Sunday, June 26th. Ladenburg Thalmann cut 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. Zacks Investment Research raised Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price objective on the stock in a research note on Thursday, July 7th. JMP Securities reissued a hold rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. Finally, TheStreet raised Progress Software Corp. from a hold rating to a buy rating in a research note on Thursday, June 30th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.02 on Tuesday. The stock has a market cap of $1.31 billion, a PE ratio of 157.09 and a beta of 1.14. The stock has a 50 day moving average price of $28.12 and a 200-day moving average price of $27.11. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last issued its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The firm earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. During the same period last year, the firm posted $0.39 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities analysts expect that Progress Software Corp. will post $1.59 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.85%.
In related news, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in PRGS. FNY Managed Accounts LLC purchased a new stake in shares of Progress Software Corp. during the second quarter worth about $110,000. Pacad Investment Ltd. bought a new stake in Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. raised its stake in Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock worth $140,000 after buying an additional 3,517 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Progress Software Corp. by 4.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,114 shares of the company’s stock worth $140,000 after buying an additional 202 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in Progress Software Corp. by 1,636.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,157 shares of the company’s stock worth $142,000 after buying an additional 4,860 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.
About Progress Software Corp.
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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