Zacks Investment Research upgraded shares of Progress Software Co. (NASDAQ:PRGS) from a hold rating to a buy rating in a research report released on Friday. Zacks Investment Research currently has $41.00 price objective on the software maker’s stock.
According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “
PRGS has been the subject of several other reports. BidaskClub lowered shares of Progress Software from a buy rating to a hold rating in a research report on Thursday, July 27th. Benchmark Co. reissued a buy rating and set a $42.00 price target (up from $34.00) on shares of Progress Software in a research report on Wednesday. Finally, TheStreet raised shares of Progress Software from a c+ rating to a b rating in a research report on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Progress Software presently has a consensus rating of Hold and an average target price of $36.00.
Progress Software (NASDAQ:PRGS) traded up 0.95% during mid-day trading on Friday, reaching $37.31. 1,609,137 shares of the company’s stock were exchanged. Progress Software has a one year low of $25.55 and a one year high of $38.51. The firm’s market capitalization is $1.80 billion. The company’s 50-day moving average is $33.12 and its 200 day moving average is $30.60.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. The business had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. Progress Software had a net margin of 11.09% and a return on equity of 10.65%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 earnings per share. Equities analysts predict that Progress Software will post $1.78 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.50%. This is an increase from Progress Software’s previous quarterly dividend of $0.13. Progress Software’s dividend payout ratio is -42.74%.
Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of Montreal Can increased its holdings in shares of Progress Software by 25.3% during the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after acquiring an additional 818 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Progress Software by 4.7% during the first quarter. Vanguard Group Inc. now owns 4,260,369 shares of the software maker’s stock valued at $123,763,000 after acquiring an additional 192,991 shares in the last quarter. Morgan Stanley increased its holdings in shares of Progress Software by 107.2% during the first quarter. Morgan Stanley now owns 370,821 shares of the software maker’s stock valued at $10,773,000 after acquiring an additional 191,822 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in shares of Progress Software during the second quarter valued at about $1,212,000. Finally, Chicago Equity Partners LLC increased its holdings in shares of Progress Software by 693.8% during the second quarter. Chicago Equity Partners LLC now owns 83,310 shares of the software maker’s stock valued at $2,573,000 after acquiring an additional 72,815 shares in the last quarter. Hedge funds and other institutional investors own 91.61% of the company’s stock.
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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