BidaskClub Lowers Progress Software (PRGS) to Sell

Progress Software (NASDAQ:PRGS) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Friday.

PRGS has been the topic of several other reports. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Thursday, April 12th. Wedbush reissued a “neutral” rating and set a $42.00 price target on shares of Progress Software in a research report on Thursday, March 29th. Benchmark lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Thursday, March 8th. Finally, Sidoti raised Progress Software from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 3rd. 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. The stock has an average rating of “Hold” and a consensus target price of $38.00.

Progress Software stock opened at $38.41 on Friday. The company has a market cap of $1.74 billion, a PE ratio of 22.33 and a beta of 0.88. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.03 and a quick ratio of 1.17. Progress Software has a 52 week low of $30.77 and a 52 week high of $53.60.

Progress Software (NASDAQ:PRGS) last released its earnings results on Wednesday, June 27th. The software maker reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The company had revenue of $96.10 million during the quarter, compared to analysts’ expectations of $95.03 million. Progress Software had a return on equity of 26.14% and a net margin of 13.86%. The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. analysts forecast that Progress Software will post 2.14 earnings per share for the current year.

In other Progress Software news, Director Michael Mark sold 12,690 shares of the stock in a transaction on Thursday, April 19th. The stock was sold at an average price of $38.84, for a total value of $492,879.60. Following the sale, the director now directly owns 212,605 shares of the company’s stock, valued at $8,257,578.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its position in Progress Software by 1,425.0% in 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 during the period. Point72 Asia Hong Kong Ltd acquired a new stake in Progress Software in the first quarter worth $149,000. SG Americas Securities LLC acquired a new stake in Progress Software in the first quarter worth $209,000. Pitcairn Co. acquired a new stake in Progress Software in the first quarter worth $228,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in Progress Software in the fourth quarter worth $235,000. 94.01% of the stock is currently owned by hedge funds and other institutional investors.

About Progress Software

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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