Progress Software Corp (NASDAQ:PRGS) has received a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $39.00.
Several research analysts have recently commented on PRGS shares. Wedbush reiterated a “neutral” rating and set a $38.00 target price on shares of Progress Software in a research note on Friday, November 16th. Zacks Investment Research downgraded Progress Software from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. BidaskClub upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 27th. Finally, ValuEngine upgraded Progress Software from a “sell” rating to a “hold” rating in a research note on Thursday, December 6th.
Shares of NASDAQ PRGS opened at $36.41 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.36. Progress Software has a 12 month low of $30.23 and a 12 month high of $49.74. The company has a market cap of $1.64 billion, a PE ratio of 17.09 and a beta of 0.69.
Progress Software (NASDAQ:PRGS) last issued its earnings results on Thursday, January 17th. The software maker reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.03. Progress Software had a return on equity of 30.67% and a net margin of 15.99%. The company had revenue of $111.50 million during the quarter, compared to the consensus estimate of $109.35 million. During the same period in the previous year, the company posted $0.67 EPS. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, research analysts expect that Progress Software will post 1.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, March 1st will be paid a dividend of $0.155 per share. The ex-dividend date is Thursday, February 28th. This represents a $0.62 annualized dividend and a dividend yield of 1.70%. Progress Software’s dividend payout ratio is currently 29.11%.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in Progress Software by 1.9% during the 3rd quarter. BlackRock Inc. now owns 7,154,497 shares of the software maker’s stock worth $252,482,000 after purchasing an additional 133,563 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Progress Software by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,668,399 shares of the software maker’s stock worth $164,747,000 after purchasing an additional 156,604 shares during the last quarter. Vanguard Group Inc lifted its holdings in Progress Software by 3.5% during the 3rd quarter. Vanguard Group Inc now owns 4,668,399 shares of the software maker’s stock worth $164,747,000 after purchasing an additional 156,604 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Progress Software by 58.1% during the 3rd quarter. Acadian Asset Management LLC now owns 1,542,613 shares of the software maker’s stock worth $54,441,000 after purchasing an additional 566,910 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Progress Software by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 1,064,772 shares of the software maker’s stock worth $37,789,000 after purchasing an additional 3,186 shares during the last quarter. 94.44% of the stock is owned by institutional investors and hedge funds.
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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