Zacks Investment Research upgraded shares of Progress Software (NASDAQ:PRGS) from a hold rating to a strong-buy rating in a research report released on Thursday, January 18th. They currently have $60.00 target price on the software maker’s stock.
According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “
PRGS has been the subject of a number of other research reports. ValuEngine downgraded shares of Progress Software from a buy rating to a hold rating in a research report on Friday, December 1st. Benchmark restated a buy rating and set a $47.00 price target (up previously from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $46.33.
Shares of Progress Software (NASDAQ:PRGS) opened at $46.85 on Thursday. Progress Software has a 1-year low of $27.46 and a 1-year high of $53.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.27 and a quick ratio of 1.27. The company has a market cap of $2,170.00, a price-to-earnings ratio of 60.84 and a beta of 0.71.
Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, January 10th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.54 by $0.13. The company had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. Progress Software had a net margin of 9.41% and a return on equity of 21.25%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 earnings per share. equities research analysts anticipate that Progress Software will post 1.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a $0.14 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $0.56 dividend on an annualized basis and a yield of 1.20%. Progress Software’s payout ratio is 72.73%.
A number of hedge funds have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC grew its stake in shares of Progress Software by 76.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after buying an additional 1,530 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Progress Software by 0.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after buying an additional 44 shares during the period. Amalgamated Bank purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $206,000. ETRADE Capital Management LLC purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $213,000. Finally, Hartford Investment Management Co. purchased a new stake in shares of Progress Software in the 3rd quarter valued at approximately $286,000. Institutional investors own 96.96% of the company’s stock.
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About Progress Software
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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