Progress Software Corporation (PRGS) Upgraded at BidaskClub
BidaskClub upgraded shares of Progress Software Corporation (NASDAQ:PRGS) from a hold rating to a buy rating in a research note released on Thursday morning.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Progress Software Corporation from a hold rating to a strong-buy rating and set a $36.00 price target on the stock in a report on Wednesday, July 5th. TheStreet raised shares of Progress Software Corporation from a c+ rating to a b rating in a report on Wednesday, June 28th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Progress Software Corporation currently has a consensus rating of Buy and an average price target of $32.25.
Progress Software Corporation (NASDAQ:PRGS) opened at 33.10 on Thursday. The company has a 50-day moving average of $32.06 and a 200 day moving average of $30.04. The firm’s market cap is $1.60 billion. Progress Software Corporation has a 52-week low of $25.55 and a 52-week high of $33.89.
Progress Software Corporation (NASDAQ:PRGS) last issued its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $91.53 million. During the same quarter last year, the business earned $0.33 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities research analysts anticipate that Progress Software Corporation will post $1.77 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Wednesday, August 30th.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of 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 worth $177,730,000 after buying an additional 6,106,679 shares in the last quarter. Numeric Investors LLC increased its stake in shares of 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 worth $34,829,000 after buying an additional 1,077,842 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of 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 worth $42,834,000 after buying an additional 782,906 shares in the last quarter. Oaktop Capital Management II L.P. bought a new stake in shares of Progress Software Corporation during the second quarter worth $18,921,000. Finally, Denver Investment Advisors LLC bought a new stake in shares of Progress Software Corporation during the first quarter worth $12,307,000. 91.31% of the stock is currently owned by hedge funds and other institutional investors.
About Progress Software Corporation
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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