Zacks Investment Research Downgrades Progress Software Corporation (PRGS) to Hold
Progress Software Corporation (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
Other research analysts also recently issued research reports about the company. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. BidaskClub downgraded Progress Software Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Finally, Benchmark Co. reaffirmed a “buy” rating and set a $42.00 price target (up previously from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.
Shares of Progress Software Corporation (PRGS) opened at 37.31 on Friday. The firm’s market capitalization is $1.80 billion. The stock has a 50 day moving average of $33.12 and a 200-day moving average of $30.60. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $38.51.
Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.05. The business had revenue of $93.20 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 EPS. On average, equities research analysts anticipate that Progress Software Corporation will post $1.78 EPS for the current fiscal year.
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Several large investors have recently added to or reduced their stakes in PRGS. Public Employees Retirement System of Ohio raised its stake in Progress Software Corporation by 0.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares during the last quarter. US Bancorp DE raised its stake in Progress Software Corporation by 0.6% in the 1st quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock valued at $706,000 after purchasing an additional 143 shares during the last quarter. Sei Investments Co. raised its stake in Progress Software Corporation by 2.9% in the 1st quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock valued at $220,000 after purchasing an additional 215 shares during the last quarter. Stanley Laman Group Ltd. raised its stake in Progress Software Corporation by 1.7% in the 2nd quarter. Stanley Laman Group Ltd. now owns 18,935 shares of the software maker’s stock valued at $585,000 after purchasing an additional 318 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Progress Software Corporation by 1.6% in the 1st quarter. Arizona State Retirement System now owns 25,429 shares of the software maker’s stock valued at $739,000 after purchasing an additional 400 shares during the last quarter. 91.61% of the stock is owned by institutional investors and hedge funds.
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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