Progress Software Corporation (PRGS) Reaches New 1-Year High at $32.58

Progress Software Corporation (NASDAQ:PRGS) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $32.58 and last traded at $32.61, with a volume of 143,269 shares changing hands. The stock had previously closed at $32.23.

Several research analysts have issued reports on PRGS shares. BidaskClub raised Progress Software Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Finally, Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target on the stock in a report on Wednesday, July 5th. Six analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $32.25.

The stock’s 50 day moving average is $31.62 and its 200 day moving average is $29.78. The stock’s market cap is $1.57 billion.

Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. On average, analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given 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 dividend yield of 1.54%.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares in the last quarter. Numeric Investors LLC boosted its position in shares of Progress Software Corporation by 2,170.2% in the second quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock worth $34,829,000 after buying an additional 1,077,842 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares in the last quarter. Oaktop Capital Management II L.P. purchased a new position in shares of Progress Software Corporation during the second quarter worth $18,921,000. Finally, Denver Investment Advisors LLC purchased a new position in shares of Progress Software Corporation during the first quarter worth $12,307,000. 91.31% of the stock is currently owned by institutional investors.

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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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