Progress Software Corp (PRGS) Receives Consensus Recommendation of “Hold” from Analysts

Progress Software Corp (NASDAQ:PRGS) has been given an average rating of “Hold” by the seven brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $40.00.

Several research firms have commented on PRGS. BidaskClub raised shares of Progress Software from a “sell” rating to a “hold” rating in a research report on Saturday, August 25th. Wedbush lifted their target price on shares of Progress Software from $39.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, June 28th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research report on Thursday, October 4th. Benchmark raised shares of Progress Software from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research report on Thursday, June 28th. Finally, National Securities began coverage on shares of Progress Software in a research report on Monday, July 16th. They set a “buy” rating and a $50.00 target price on the stock.

In other news, insider Dimitre Taslakov sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the completion of the sale, the insider now owns 43,431 shares in the company, valued at approximately $1,520,085. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Progress Software by 12.0% during the 2nd quarter. BlackRock Inc. now owns 7,020,934 shares of the software maker’s stock worth $272,552,000 after purchasing an additional 749,784 shares during the last quarter. Sei Investments Co. increased its stake in shares of Progress Software by 10.4% during the 2nd quarter. Sei Investments Co. now owns 35,032 shares of the software maker’s stock worth $1,360,000 after purchasing an additional 3,295 shares during the last quarter. Federated Investors Inc. PA increased its stake in shares of Progress Software by 8.7% during the 2nd quarter. Federated Investors Inc. PA now owns 147,020 shares of the software maker’s stock worth $5,707,000 after purchasing an additional 11,791 shares during the last quarter. Hartford Investment Management Co. purchased a new stake in shares of Progress Software during the 2nd quarter worth approximately $351,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Progress Software by 463.2% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 72,225 shares of the software maker’s stock worth $2,804,000 after purchasing an additional 59,400 shares during the last quarter. Institutional investors own 91.98% of the company’s stock.

Shares of Progress Software stock traded down $0.15 during mid-day trading on Wednesday, hitting $32.39. 327,298 shares of the stock were exchanged, compared to its average volume of 450,615. Progress Software has a 12 month low of $32.14 and a 12 month high of $53.60. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The stock has a market cap of $1.59 billion, a P/E ratio of 18.74 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, September 27th. The software maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The firm had revenue of $95.79 million for the quarter, compared to analysts’ expectations of $96.98 million. During the same quarter last year, the firm earned $0.48 EPS. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Progress Software will post 2.14 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.155 per share. The ex-dividend date is Friday, November 30th. This represents a $0.62 annualized dividend and a dividend yield of 1.91%. This is a boost from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.

About Progress Software

Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

Further Reading: Fundamental Analysis and Individual Investors

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply