Progress Software (PRGS) Lifted to “Strong-Buy” at Zacks Investment Research

Progress Software (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday. The firm presently has a $60.00 price objective on the software maker’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.26% from the stock’s current price.

According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “

Other analysts have also issued research reports about the company. Benchmark restated a “buy” rating and set a $47.00 price target (up previously from $42.00) on shares of Progress Software in a report on Tuesday, January 2nd. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $46.33.

Progress Software (NASDAQ PRGS) traded up $0.15 during trading hours on Thursday, reaching $52.51. The company had a trading volume of 684,800 shares, compared to its average volume of 642,836. Progress Software has a one year low of $27.44 and a one year high of $53.60. The stock has a market cap of $2,503.22, a price-to-earnings ratio of 68.20 and a beta of 0.65. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.31.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, January 10th. The software maker reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The company had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. During the same quarter in the prior year, the firm posted $0.62 EPS. Progress Software’s quarterly revenue was down 1.4% compared to the same quarter last year. analysts anticipate that Progress Software will post 1.95 earnings per share for the current fiscal year.

Progress Software announced that its board has authorized a share repurchase program on Wednesday, September 27th that allows the company to repurchase $159.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge funds have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC increased its stake in Progress Software by 76.5% in the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after purchasing an additional 1,530 shares during the period. Public Employees Retirement System of Ohio increased its stake in Progress Software by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after purchasing an additional 44 shares during the period. Amalgamated Bank purchased a new stake in Progress Software in the second quarter worth $206,000. ETRADE Capital Management LLC purchased a new stake in Progress Software in the second quarter worth $213,000. Finally, Koch Industries Inc. purchased a new stake in Progress Software in the second quarter worth $223,000. Institutional investors and hedge funds own 93.64% of the company’s stock.

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About Progress Software

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.

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