Wedbush Reaffirms Neutral Rating for Progress Software Corporation (PRGS)
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.
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