Progress Software Corp (NASDAQ:PRGS) Short Interest Down 10.1% in June

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Progress Software Corp (NASDAQ:PRGS) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 587,100 shares, a decline of 10.1% from the May 30th total of 653,100 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 403,400 shares, the short-interest ratio is presently 1.5 days.

Progress Software stock traded up $0.44 during midday trading on Friday, reaching $41.77. The stock had a trading volume of 246,044 shares, compared to its average volume of 412,554. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60. The business has a 50-day moving average of $41.37. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 19.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.18.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.17. The business had revenue of $103.48 million for the quarter, compared to analysts’ expectations of $98.20 million. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.60 EPS. On average, equities research analysts anticipate that Progress Software will post 2.16 earnings per share for the current fiscal year.

In other news, insider Dimitre Taslakov sold 12,999 shares of Progress Software stock in a transaction on Friday, April 26th. The stock was sold at an average price of $45.50, for a total transaction of $591,454.50. Following the sale, the insider now directly owns 31,948 shares in the company, valued at approximately $1,453,634. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony Murphy sold 932 shares of Progress Software stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $45.99, for a total value of $42,862.68. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund grew its holdings in Progress Software by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,391 shares of the software maker’s stock valued at $772,000 after buying an additional 314 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Progress Software by 2.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 14,532 shares of the software maker’s stock valued at $516,000 after buying an additional 344 shares in the last quarter. Bailard Inc. grew its holdings in Progress Software by 3.7% during the 1st quarter. Bailard Inc. now owns 12,025 shares of the software maker’s stock valued at $534,000 after buying an additional 425 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Progress Software by 34.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after buying an additional 438 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in Progress Software by 0.7% during the 1st quarter. Arizona State Retirement System now owns 69,656 shares of the software maker’s stock valued at $3,091,000 after buying an additional 506 shares in the last quarter. 91.38% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have recently commented on PRGS shares. Zacks Investment Research upgraded SCHNEIDER ELEC /ADR from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Friday, July 5th. ValuEngine cut Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. National Securities set a $50.00 price objective on Progress Software and gave the company a “buy” rating in a research note on Friday, June 28th. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Finally, Wedbush restated a “buy” rating and issued a $36.00 price objective on shares of Allena Pharmaceuticals in a research note on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Progress Software has a consensus rating of “Hold” and an average target price of $46.67.

Progress Software Company Profile

Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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