Progress Software Corp. (PRGS) Given “Neutral” Rating at Wedbush
Wedbush restated their neutral rating on shares of Progress Software Corp. (NASDAQ:PRGS) in a research report sent to investors on Tuesday morning. The brokerage currently has a $24.00 target price on the stock.
Several other equities research analysts have also weighed in on the company. TheStreet raised Progress Software Corp. from a hold rating to a buy rating in a report on Thursday, June 30th. JMP Securities reissued a hold rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Zacks Investment Research lowered Progress Software Corp. from a hold rating to a sell rating in a report on Wednesday, October 5th. Finally, Ladenburg Thalmann lowered Progress Software Corp. from a buy rating to a neutral rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.18% on Tuesday, hitting $27.14. 9,455 shares of the stock were exchanged. Progress Software Corp. has a 52-week low of $22.01 and a 52-week high of $29.80. The company has a 50-day moving average price of $28.07 and a 200-day moving average price of $27.13. The firm has a market cap of $1.32 billion, a PE ratio of 157.79 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The firm earned $102 million during the quarter, compared to analysts’ expectations of $104.72 million. During the same period last year, the business posted $0.39 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.85%.
In other news, major shareholder Praesidium Investment Manageme sold 900,000 shares of Progress Software Corp. stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Progress Software Corp. by 720.5% in the first quarter. Royal Bank of Canada now owns 7,762 shares of the company’s stock worth $187,000 after buying an additional 6,816 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Progress Software Corp. by 9.0% in the first quarter. Panagora Asset Management Inc. now owns 348,927 shares of the company’s stock worth $8,416,000 after buying an additional 28,934 shares during the last quarter. Barclays PLC purchased a new stake in Progress Software Corp. during the first quarter worth $908,000. A.R.T. Advisors LLC purchased a new stake in Progress Software Corp. during the first quarter worth $575,000. Finally, Springbok Capital Management LLC increased its stake in Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock worth $205,000 after buying an additional 3,700 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.
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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