Progress Software (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, March 14th.
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. “
Several other equities research analysts have also weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $47.00 target price (up from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. BidaskClub lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. Finally, ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Progress Software currently has a consensus rating of “Hold” and an average price target of $49.67.
NASDAQ PRGS traded down $1.13 during trading hours on Wednesday, hitting $37.66. The company had a trading volume of 417,217 shares, compared to its average volume of 674,636. Progress Software has a fifty-two week low of $28.63 and a fifty-two week high of $53.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 1.27. The firm has a market capitalization of $1,795.89, a PE ratio of 21.90 and a beta of 0.88.
Progress Software (NASDAQ:PRGS) last issued its earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.07. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. The firm had revenue of $94.19 million for the quarter, compared to analyst estimates of $92.47 million. During the same period last year, the company earned $0.34 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. equities research analysts expect that Progress Software will post 2.05 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in PRGS. RWC Asset Management LLP bought a new position in shares of Progress Software in the third quarter worth $11,451,000. Renaissance Technologies LLC grew its stake in shares of Progress Software by 43.2% in the fourth quarter. Renaissance Technologies LLC now owns 988,000 shares of the software maker’s stock worth $42,059,000 after purchasing an additional 298,000 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Progress Software by 149.5% in the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock worth $18,513,000 after purchasing an additional 290,630 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Progress Software in the third quarter worth $5,061,000. Finally, Mackenzie Financial Corp bought a new position in shares of Progress Software in the third quarter worth $4,999,000. 94.26% of the stock is owned by institutional investors.
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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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