Wedbush Weighs in on Progress Software Corp.’s Q4 2016 Earnings (PRGS)
Progress Software Corp. (NASDAQ:PRGS) – Analysts at Wedbush lowered their Q4 2016 earnings estimates for Progress Software Corp. in a research report issued to clients and investors on Thursday. Wedbush analyst S. Koenig now expects that the brokerage will post earnings per share of $0.48 for the quarter, down from their prior forecast of $0.52. Wedbush has a “Hold” rating and a $24.00 price target on the stock. Wedbush also issued estimates for Progress Software Corp.’s Q3 2017 earnings at $0.36 EPS.
Several other research firms also recently weighed in on PRGS. Zacks Investment Research downgraded Progress Software Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Ladenburg Thalmann downgraded Progress Software Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities reiterated a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Finally, TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Progress Software Corp. currently has an average rating of “Hold” and an average price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.95 on Monday. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 162.50 and a beta of 1.14. The stock’s 50 day moving average price is $28.37 and its 200-day moving average price is $27.00. Progress Software Corp. has a 12 month low of $22.01 and a 12 month high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The business had revenue of $102 million for the quarter, compared to analysts’ expectations of $104.72 million. During the same quarter last year, the business earned $0.39 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis.
Large investors have recently modified their holdings of the stock. FNY Managed Accounts LLC acquired a new stake in shares of Progress Software Corp. during the second quarter worth $110,000. Pacad Investment Ltd. acquired a new stake in shares of Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. raised its stake in shares of Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock worth $140,000 after buying an additional 3,517 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Progress Software Corp. by 4.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,114 shares of the company’s stock worth $140,000 after buying an additional 202 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Progress Software Corp. by 1,636.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,157 shares of the company’s stock worth $142,000 after buying an additional 4,860 shares during the period. Hedge funds and other institutional investors own 92.65% of the company’s stock.
In other Progress Software Corp. news, CAO Paul A. Jalbert sold 21,041 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $28.93, for a total transaction of $608,716.13. Following the completion of the sale, the chief accounting officer now owns 22,125 shares in the company, valued at approximately $640,076.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.79%.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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