Wedbush restated their neutral rating on shares of Progress Software Corporation (NASDAQ:PRGS) in a research report report published on Monday morning. The firm currently has a $32.00 price objective on the software maker’s stock. Wedbush also issued estimates for Progress Software Corporation’s FY2018 earnings at $1.56 EPS.

A number of other research firms have also commented on PRGS. BidaskClub upgraded shares of Progress Software Corporation from a hold rating to a buy rating in a research note on Thursday, August 24th. Zacks Investment Research lowered shares of Progress Software Corporation from a buy rating to a hold rating in a research note on Saturday, September 16th. TheStreet upgraded shares of Progress Software Corporation from a c+ rating to a b rating in a research note on Wednesday, June 28th. Finally, Benchmark Co. restated a buy rating and issued a $42.00 price objective (up 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 assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $37.25.

Progress Software Corporation (NASDAQ PRGS) opened at 37.50 on Monday. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $38.51. The company’s market capitalization is $1.81 billion. The firm has a 50-day moving average price of $33.44 and a 200-day moving average price of $30.75.

Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 18.10%. The firm had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same period last year, the business earned $0.33 EPS. Progress Software Corporation’s revenue for the quarter was down 3.6% compared to the same quarter last year. Analysts anticipate that Progress Software Corporation will post $1.80 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.14 dividend. The ex-dividend date is Thursday, November 30th. This is a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 1.49%. Progress Software Corporation’s payout ratio is currently -42.74%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. increased its stake in Progress Software Corporation by 4.7% in the second quarter. Phocas Financial Corp. now owns 182,181 shares of the software maker’s stock valued at $5,628,000 after purchasing an additional 8,229 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Progress Software Corporation by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after acquiring an additional 44 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Progress Software Corporation in the second quarter valued at about $223,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Progress Software Corporation in the second quarter valued at about $1,336,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Progress Software Corporation by 74.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 486,597 shares of the software maker’s stock valued at $15,031,000 after acquiring an additional 207,626 shares in the last quarter. Institutional investors own 91.28% 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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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