Progress Software (PRGS) Lowered to “Sell” at Benchmark

Progress Software (NASDAQ:PRGS) was downgraded by Benchmark from a “hold” rating to a “sell” rating in a report issued on Thursday, March 8th.

Other analysts have also recently issued research reports about the company. BidaskClub cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Finally, Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.67.

Shares of NASDAQ:PRGS traded down $1.24 during midday trading on Thursday, reaching $37.21. 900,763 shares of the company’s stock traded hands, compared to its average volume of 576,872. Progress Software has a one year low of $28.63 and a one year 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 company has a market cap of $1,783.58, a P/E ratio of 21.13 and a beta of 0.89.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.07. The company had revenue of $94.19 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 earnings per share. sell-side analysts anticipate that Progress Software will post 1.95 earnings per share for the current year.

Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its stake in Progress Software by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after buying an additional 44 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new stake in Progress Software during the 4th quarter worth about $235,000. Hartford Investment Management Co. acquired a new stake in Progress Software during the 3rd quarter worth about $286,000. Vident Investment Advisory LLC acquired a new stake in Progress Software during the 3rd quarter worth about $338,000. Finally, Meeder Asset Management Inc. lifted its position in Progress Software by 392.2% during the 4th quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock worth $341,000 after acquiring an additional 6,404 shares during the period. Institutional investors and hedge funds own 94.26% of the company’s stock.

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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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