Progress Software Co. (NASDAQ:PRGS) – Analysts at Wedbush increased their Q1 2019 earnings estimates for Progress Software in a research note issued on Thursday, June 28th. Wedbush analyst S. Koenig now anticipates that the software maker will post earnings per share of $0.44 for the quarter, up from their prior forecast of $0.43. Wedbush has a “Neutral” rating and a $42.00 price objective on the stock. Wedbush also issued estimates for Progress Software’s Q2 2019 earnings at $0.49 EPS.
Several other brokerages also recently issued reports on PRGS. BidaskClub downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Saturday, June 23rd. Benchmark raised shares of Progress Software from a “sell” rating to a “hold” rating and set a $29.00 target price for the company in a research report on Thursday. Zacks Investment Research downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, April 11th. Sidoti raised shares of Progress Software from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 3rd. Finally, ValuEngine downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $37.67.
Shares of PRGS stock opened at $38.82 on Monday. The company has a quick ratio of 1.17, a current ratio of 1.03 and a debt-to-equity ratio of 0.37. Progress Software has a 12-month low of $30.52 and a 12-month high of $53.60. The firm has a market cap of $1.76 billion, a PE ratio of 22.57 and a beta of 0.89.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Wednesday, June 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.07. Progress Software had a net margin of 13.86% and a return on equity of 26.14%. The company had revenue of $96.10 million during the quarter, compared to the consensus estimate of $95.03 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The firm’s revenue was up 3.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Monday, September 3rd will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Thursday, August 30th. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.
In related news, Director Michael Mark sold 12,690 shares of the firm’s stock in a transaction on Thursday, April 19th. The shares were sold at an average price of $38.84, for a total value of $492,879.60. Following the completion of the transaction, the director now owns 212,605 shares of the company’s stock, valued at $8,257,578.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.50% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Spark Investment Management LLC lifted its stake in Progress Software by 31.3% in the first quarter. Spark Investment Management LLC now owns 78,800 shares of the software maker’s stock valued at $3,029,000 after acquiring an additional 18,800 shares during the last quarter. Swiss National Bank lifted its stake in Progress Software by 3.2% in the fourth quarter. Swiss National Bank now owns 74,000 shares of the software maker’s stock valued at $3,150,000 after acquiring an additional 2,300 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Progress Software by 30.6% in the fourth quarter. Mackenzie Financial Corp now owns 171,084 shares of the software maker’s stock valued at $7,283,000 after acquiring an additional 40,118 shares during the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in Progress Software in the first quarter valued at $149,000. Finally, Teacher Retirement System of Texas acquired a new stake in Progress Software in the fourth quarter valued at $642,000. Hedge funds and other institutional investors own 94.00% 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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