Zacks Investment Research Upgrades Progress Software Corporation (PRGS) to Buy
Progress Software Corporation (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $41.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.84% from the company’s previous close.
According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “
A number of other equities research analysts have also issued reports on PRGS. Benchmark Co. restated a “buy” rating and issued a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday. BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Progress Software Corporation has a consensus rating of “Hold” and an average price target of $36.00.
Shares of Progress Software Corporation (NASDAQ PRGS) opened at 36.99 on Friday. The company’s market capitalization is $1.79 billion. The company’s 50 day moving average price is $32.97 and its 200-day moving average price is $30.54. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $37.06.
Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. Analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRGS. BlackRock Inc. lifted its holdings in 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 valued at $177,730,000 after acquiring an additional 6,106,679 shares during the last quarter. Numeric Investors LLC lifted its holdings in 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 valued at $34,829,000 after acquiring an additional 1,077,842 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in 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 valued at $42,834,000 after acquiring an additional 782,906 shares during the last quarter. Oaktop Capital Management II L.P. acquired a new position in Progress Software Corporation in the second quarter valued at approximately $18,921,000. Finally, Renaissance Technologies LLC lifted its holdings in Progress Software Corporation by 210.1% in the second quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock valued at $14,176,000 after acquiring an additional 310,900 shares during the last quarter. Hedge funds and other institutional investors own 91.61% of the company’s stock.
Progress Software Corporation Company Profile
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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