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.
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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