Shares of Progress Software Corporation (NASDAQ:PRGS) have earned an average rating of “Hold” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $36.00.
PRGS has been the topic of several research analyst reports. BidaskClub raised shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Thursday, September 28th. Benchmark reaffirmed a “buy” rating and set a $42.00 price target (up previously from $34.00) on shares of Progress Software in a research report on Wednesday, September 13th. ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Wedbush reiterated a “neutral” rating and set a $32.00 price objective on shares of Progress Software in a research note on Monday, September 18th.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC raised its stake in Progress Software by 76.5% during the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after acquiring an additional 1,530 shares during the period. Public Employees Retirement System of Ohio raised its stake in Progress Software by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after acquiring an additional 44 shares during the period. Amalgamated Bank acquired a new stake in Progress Software during the second quarter worth about $206,000. ETRADE Capital Management LLC acquired a new stake in Progress Software during the second quarter worth about $213,000. Finally, Koch Industries Inc. acquired a new stake in Progress Software during the second quarter worth about $223,000. Hedge funds and other institutional investors own 93.71% of the company’s stock.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, topping the consensus estimate of $0.40 by $0.08. Progress Software had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business had revenue of $97.60 million for the quarter, compared to analysts’ expectations of $97.60 million. During the same quarter last year, the company posted $0.44 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. equities research analysts expect that Progress Software will post 1.65 earnings per share for the current fiscal year.
Progress Software announced that its board has authorized a stock repurchase program on Wednesday, September 27th that allows the company to buyback $159.00 million in outstanding shares. This buyback authorization allows the software maker to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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