Progress Software (NASDAQ:PRGS) Upgraded to “Hold” at BidaskClub

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BidaskClub upgraded shares of Progress Software (NASDAQ:PRGS) from a sell rating to a hold rating in a report released on Thursday, BidAskClub reports.

PRGS has been the topic of several other reports. National Securities set a $50.00 price objective on Progress Software and gave the company a buy rating in a report on Friday, June 28th. ValuEngine lowered Progress Software from a buy rating to a hold rating in a report on Monday, June 3rd. Wedbush raised Progress Software from a neutral rating to an outperform rating and raised their price objective for the company from $44.00 to $52.00 in a report on Friday, July 26th. Zacks Investment Research raised Progress Software from a hold rating to a buy rating and set a $46.00 price target on the stock in a research note on Friday, July 5th. Finally, Benchmark raised Progress Software from a hold rating to a buy rating and set a $49.00 price target on the stock in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Progress Software has an average rating of Buy and a consensus price target of $49.25.

PRGS traded down $1.13 during trading on Thursday, hitting $39.61. The company’s stock had a trading volume of 17,911 shares, compared to its average volume of 230,824. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.92. Progress Software has a twelve month low of $30.23 and a twelve month high of $47.60. The business’s fifty day simple moving average is $39.63 and its 200 day simple moving average is $41.09. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 18.60 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 EPS for the quarter, beating the consensus estimate of $0.48 by $0.17. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The company had revenue of $103.48 million for the quarter, compared to analyst estimates of $98.20 million. During the same period last year, the company earned $0.60 earnings per share. Progress Software’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts forecast that Progress Software will post 2.16 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, August 29th. Progress Software’s dividend payout ratio is presently 29.11%.

Several large investors have recently modified their holdings of PRGS. Marshall Wace North America L.P. acquired a new stake in shares of Progress Software in the first quarter worth approximately $28,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Progress Software in the second quarter worth approximately $38,000. Ropes Wealth Advisors LLC acquired a new stake in shares of Progress Software in the second quarter worth approximately $44,000. Royal Bank of Canada boosted its stake in shares of Progress Software by 30.9% in the second quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after acquiring an additional 314 shares during the last quarter. Finally, Advisors Preferred LLC acquired a new stake in shares of Progress Software in the second quarter worth approximately $114,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

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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