Progress Software (PRGS) – Analysts’ Weekly Ratings Changes

Progress Software (NASDAQ: PRGS) has recently received a number of price target changes and ratings updates:

  • 10/2/2019 – Progress Software was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $43.00 price target on the stock. According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “
  • 9/30/2019 – Progress Software was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 9/27/2019 – Progress Software had its “buy” rating reaffirmed by analysts at Benchmark Co..
  • 9/26/2019 – Progress Software was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “
  • 9/25/2019 – Progress Software had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $52.00 price target on the stock.
  • 9/12/2019 – Progress Software was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 8/17/2019 – Progress Software was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 8/7/2019 – Progress Software was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.

NASDAQ PRGS traded up $0.26 during trading hours on Thursday, hitting $37.35. 182,267 shares of the stock were exchanged, compared to its average volume of 403,792. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 17.54 and a beta of 0.83. Progress Software Corp has a 12-month low of $30.23 and a 12-month high of $47.60. The stock has a 50-day moving average of $38.90 and a 200 day moving average of $41.35. The company has a quick ratio of 1.00, a current ratio of 1.10 and a debt-to-equity ratio of 0.86.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, September 26th. The software maker reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. The firm had revenue of $115.52 million during the quarter, compared to analysts’ expectations of $110.83 million. Progress Software had a net margin of 12.16% and a return on equity of 32.10%. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. On average, equities research analysts expect that Progress Software Corp will post 2.22 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.165 per share. This is a boost from Progress Software’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Friday, November 29th. Progress Software’s dividend payout ratio is currently 29.11%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jefferies Group LLC purchased a new position in Progress Software during the second quarter worth about $625,000. Zacks Investment Management acquired a new position in Progress Software during the second quarter worth about $258,000. Acadian Asset Management LLC grew its position in Progress Software by 21.4% during the second quarter. Acadian Asset Management LLC now owns 1,606,709 shares of the software maker’s stock worth $70,086,000 after buying an additional 282,721 shares during the period. JPMorgan Chase & Co. grew its position in Progress Software by 15.3% during the second quarter. JPMorgan Chase & Co. now owns 952,733 shares of the software maker’s stock worth $38,710,000 after buying an additional 126,278 shares during the period. Finally, Geode Capital Management LLC grew its position in Progress Software by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 692,135 shares of the software maker’s stock worth $24,563,000 after buying an additional 18,371 shares during the period. 92.64% of the stock is owned by hedge funds and other institutional investors.

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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