Other equities research analysts also recently issued reports about the stock. TheStreet upgraded shares of Progress Software Corp. from a hold rating to a buy rating in a research note on Thursday, June 30th. Zacks Investment Research upgraded shares of Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price objective for the company in a research note on Thursday, July 7th. Benchmark Co. reiterated a buy rating and set a $31.00 price objective on shares of Progress Software Corp. in a research note on Tuesday. JMP Securities reiterated a hold rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. Finally, Wedbush reiterated a hold rating and set a $24.00 price objective on shares of Progress Software Corp. in a research note on Sunday, June 26th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Progress Software Corp. currently has an average rating of Hold and an average target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.26% on Friday, hitting $27.09. 190,833 shares of the company were exchanged. The stock has a market cap of $1.32 billion, a PE ratio of 157.50 and a beta of 1.14. The firm has a 50 day moving average of $28.07 and a 200-day moving average of $27.13. Progress Software Corp. has a 52-week low of $22.01 and a 52-week high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $102 million for the quarter, compared to analysts’ expectations of $104.72 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Progress Software Corp.’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts expect that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 annualized dividend and a yield of 1.85%.
In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction on 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 SEC, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of PRGS. FNY Managed Accounts LLC bought a new stake in Progress Software Corp. during the second quarter valued at about $110,000. Pacad Investment Ltd. acquired a new stake in shares of Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. boosted its stake in shares of 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 during the period. Public Employees Retirement System of Ohio boosted its stake in shares of 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 during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of 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 during the period. 92.65% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for Progress Software Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software Corp. and related companies with MarketBeat.com's FREE daily email newsletter.