Shares of Progress Software Corp (NASDAQ:PRGS) have earned a consensus recommendation of “Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $49.25.
PRGS has been the topic of a number of recent analyst reports. Benchmark raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Wednesday, July 17th. BidaskClub lowered shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Saturday. Wedbush raised shares of Progress Software from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $52.00 in a research report on Friday, July 26th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Friday, July 5th. Finally, National Securities set a $50.00 price target on shares of Progress Software and gave the company a “buy” rating in a research report on Friday, June 28th.
Shares of PRGS traded up $0.13 during trading hours on Friday, reaching $38.22. 231,700 shares of the stock traded hands, compared to its average volume of 285,194. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.92. The stock has a fifty day simple moving average of $41.25 and a 200 day simple moving average of $40.94. Progress Software has a 52 week low of $30.23 and a 52 week high of $47.60. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 17.94 and a beta of 0.76.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Thursday, June 27th. The software maker reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.17. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. The company had revenue of $103.48 million for the quarter, compared to analyst estimates of $98.20 million. During the same period last year, the firm earned $0.60 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. Analysts predict that Progress Software will post 2.16 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, August 29th. Progress Software’s dividend payout ratio is 29.11%.
Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in Progress Software by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 692,135 shares of the software maker’s stock worth $24,563,000 after acquiring an additional 18,371 shares during the period. 1492 Capital Management LLC purchased a new position in shares of Progress Software in the first quarter worth about $228,000. Convergence Investment Partners LLC purchased a new position in shares of Progress Software in the first quarter worth about $399,000. Oregon Public Employees Retirement Fund increased its stake in shares of Progress Software by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 17,391 shares of the software maker’s stock worth $772,000 after purchasing an additional 314 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Progress Software by 0.3% in the first quarter. Parametric Portfolio Associates LLC now owns 187,564 shares of the software maker’s stock worth $8,322,000 after purchasing an additional 595 shares in the last quarter. 91.17% of the stock is currently owned by institutional investors and hedge funds.
About Progress Software
Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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