BidaskClub upgraded shares of Progress Software Corporation (NASDAQ:PRGS) from a hold rating to a buy rating in a research report sent to investors on Wednesday, July 12th.
Several other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Progress Software Corporation from a buy rating to a hold rating in a research note on Wednesday, March 22nd. TheStreet raised shares of Progress Software Corporation from a c+ rating to a b rating in a research note on Wednesday, June 28th. Finally, Wedbush increased their price target on shares of Progress Software Corporation from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, March 30th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $32.25.
Progress Software Corporation (NASDAQ PRGS) traded up 2.58% on Wednesday, hitting $32.23. The company’s stock had a trading volume of 1,029,989 shares. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $32.53. The firm has a 50 day moving average of $31.49 and a 200 day moving average of $29.71. The firm’s market cap is $1.56 billion.
Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. 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 prior year, the company earned $0.33 EPS. Progress Software Corporation’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts forecast that Progress Software Corporation will post $1.77 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.125 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 dividend on an annualized basis and a yield of 1.55%.
A number of large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in 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 worth $117,000 after buying an additional 818 shares during the period. Morgan Stanley raised its stake in Progress Software Corporation by 107.2% in the first quarter. Morgan Stanley now owns 370,821 shares of the software maker’s stock worth $10,773,000 after buying an additional 191,822 shares during the period. State Street Corp raised its stake in Progress Software Corporation by 9.1% in the fourth quarter. State Street Corp now owns 1,159,343 shares of the software maker’s stock worth $37,010,000 after buying an additional 96,939 shares during the period. Quotient Investors LLC raised its stake in Progress Software Corporation by 27.1% in the first quarter. Quotient Investors LLC now owns 17,800 shares of the software maker’s stock worth $517,000 after buying an additional 3,800 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Progress Software Corporation by 6.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 608,017 shares of the software maker’s stock worth $17,663,000 after buying an additional 34,154 shares during the period. Institutional investors own 91.31% of the company’s stock.
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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