Progress Software (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $42.00 price target on the software maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.33% from the stock’s current price.
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 reports. BidaskClub downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, March 8th. Benchmark downgraded Progress Software from a “hold” rating to a “sell” rating in a report on Thursday, March 8th. Wedbush reiterated a “neutral” rating and set a $42.00 price objective on shares of Progress Software in a report on Thursday, March 29th. ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Finally, Sidoti upgraded Progress Software from a “neutral” rating to a “buy” rating in a report on Tuesday, April 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $43.67.
Progress Software opened at $37.39 on Thursday, according to Marketbeat.com. The stock has a market cap of $1.69 billion, a PE ratio of 21.74 and a beta of 0.89. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.33. Progress Software has a one year low of $37.02 and a one year high of $37.41.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, March 28th. The software maker reported $0.54 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.07. The company had revenue of $94.19 million for the quarter, compared to analyst estimates of $92.47 million. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. Progress Software’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. research analysts anticipate that Progress Software will post 2.05 earnings per share for the current fiscal year.
In related news, Director Michael Mark sold 12,690 shares of the stock in a transaction dated Thursday, April 19th. The stock was sold at an average price of $38.84, for a total transaction of $492,879.60. Following the completion of the transaction, the director now directly owns 212,605 shares in the company, valued at $8,257,578.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.50% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of PRGS. Envestnet Asset Management Inc. grew its holdings in shares of Progress Software by 1,425.0% during the first quarter. Envestnet Asset Management Inc. now owns 3,843 shares of the software maker’s stock worth $147,000 after buying an additional 3,591 shares in the last quarter. Point72 Asia Hong Kong Ltd bought a new position in Progress Software in the first quarter valued at approximately $149,000. SG Americas Securities LLC bought a new position in Progress Software in the first quarter valued at approximately $209,000. Pitcairn Co. bought a new position in Progress Software in the first quarter valued at approximately $228,000. Finally, Xact Kapitalforvaltning AB bought a new position in Progress Software in the fourth quarter valued at approximately $235,000. Institutional investors and hedge funds own 98.53% of the company’s stock.
Progress Software Company Profile
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.
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