Media coverage about Progress Software Corporation (NASDAQ:PRGS) has been trending somewhat positive on Saturday, according to Accern Sentiment. The research firm identifies negative and positive media coverage by analyzing more than 20 million blog and news sources. Accern ranks coverage of companies on a scale of -1 to 1, with scores closest to one being the most favorable. Progress Software Corporation earned a media sentiment score of 0.12 on Accern’s scale. Accern also gave news headlines about the software maker an impact score of 46.2418260345694 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the next several days.
A number of research firms have recently commented on PRGS. BidaskClub raised Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research lowered Progress Software Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Benchmark Co. reaffirmed a “buy” rating and set a $42.00 price target (up previously from $34.00) on shares of Progress Software Corporation in a research report on Wednesday, September 13th. Finally, Wedbush reaffirmed a “neutral” rating and set a $32.00 price target on shares of Progress Software Corporation in a research report on Monday, September 18th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $37.50.
Progress Software Corporation (NASDAQ:PRGS) traded up $0.07 during midday trading on Friday, hitting $42.10. The stock had a trading volume of 203,532 shares, compared to its average volume of 383,704. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 25.85 and a beta of 0.66. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.27 and a quick ratio of 1.27.
Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.60 million. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.44 earnings per share. sell-side analysts expect that Progress Software Corporation will post 1.65 EPS for the current fiscal year.
Progress Software Corporation announced that its board has authorized a stock repurchase program on Wednesday, September 27th that authorizes the company to repurchase $159.00 million in shares. This repurchase authorization authorizes the software maker to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.14 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.56 annualized dividend and a yield of 1.33%. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio is presently -45.87%.
About Progress Software Corporation
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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