Progress Software Corporation (NASDAQ:PRGS) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Progress Software Corporation (NASDAQ:PRGS) have received a consensus recommendation of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $32.25.

A number of analysts have commented on the company. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. BidaskClub cut Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a research report on Wednesday, July 5th.

Institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC raised its position in shares of Progress Software Corporation by 76.5% in the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after buying an additional 1,530 shares in the last quarter. Bank of Montreal Can raised its position in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Progress Software Corporation during the first quarter valued at $126,000. State of Alaska Department of Revenue raised its position in shares of Progress Software Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 5,380 shares of the software maker’s stock valued at $156,000 after buying an additional 130 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of Progress Software Corporation during the first quarter valued at $206,000. Hedge funds and other institutional investors own 91.31% of the company’s stock.

Progress Software Corporation (NASDAQ:PRGS) opened at 31.42 on Friday. The firm has a 50-day moving average price of $31.42 and a 200-day moving average price of $29.68. The company’s market cap is $1.52 billion. Progress Software Corporation has a 12-month low of $25.55 and a 12-month high of $32.53.

Progress Software Corporation (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The company had revenue of $93.20 million during the quarter, compared to analysts’ expectations of $91.53 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. On average, analysts forecast that Progress Software Corporation will post $1.77 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 1.59%.

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Progress Software Corporation Company Profile

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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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