Zacks Investment Research cut shares of Progress Software (NASDAQ:PRGS) from a buy rating to a hold rating in a report issued on Wednesday morning.
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. “
PRGS has been the subject of several other research reports. BidaskClub cut Progress Software from a buy rating to a hold rating in a research note on Thursday, March 8th. ValuEngine cut Progress Software from a buy rating to a hold rating in a research note on Wednesday, March 7th. Wedbush reaffirmed a neutral rating and set a $42.00 target price on shares of Progress Software in a research note on Thursday, March 29th. Benchmark cut Progress Software from a hold rating to a sell rating in a research note on Thursday, March 8th. Finally, Sidoti raised Progress Software from a neutral rating to a buy rating in a research note on Tuesday, April 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $43.67.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.07. The company had revenue of $94.19 million during the quarter, compared to analysts’ expectations of $92.47 million. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. sell-side analysts forecast that Progress Software will post 2.05 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, May 31st. This represents a $0.56 annualized dividend and a yield of 1.50%. Progress Software’s dividend payout ratio is currently 32.56%.
In related news, Director Michael Mark sold 12,690 shares of the firm’s stock in a transaction that occurred on Thursday, April 19th. The stock was sold at an average price of $38.84, for a total transaction of $492,879.60. Following the completion of the sale, the director now owns 212,605 shares of the company’s stock, valued at $8,257,578.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Progress Software by 1.4% in the first quarter. BlackRock Inc. now owns 6,271,150 shares of the software maker’s stock valued at $241,125,000 after acquiring an additional 84,047 shares during the period. Renaissance Technologies LLC grew its stake in Progress Software by 43.2% in the fourth quarter. Renaissance Technologies LLC now owns 988,000 shares of the software maker’s stock valued at $42,059,000 after acquiring an additional 298,000 shares during the period. Millennium Management LLC grew its stake in Progress Software by 137.8% in the first quarter. Millennium Management LLC now owns 760,774 shares of the software maker’s stock valued at $29,252,000 after acquiring an additional 440,828 shares during the period. Prudential Financial Inc. grew its stake in Progress Software by 30.8% in the first quarter. Prudential Financial Inc. now owns 689,219 shares of the software maker’s stock valued at $26,501,000 after acquiring an additional 162,130 shares during the period. Finally, Teachers Advisors LLC grew its stake in Progress Software by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 592,083 shares of the software maker’s stock valued at $25,205,000 after acquiring an additional 35,756 shares during the period. 98.53% of the stock is owned by institutional investors and hedge funds.
Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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