Progress Software (NASDAQ:PRGS) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.
A number of other research analysts have also weighed in on the company. National Securities set a $50.00 target price on Progress Software and gave the company a “buy” rating in a report on Friday, June 28th. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a report on Monday, September 30th. Wedbush restated an “outperform” rating and issued a $52.00 target price on shares of Progress Software in a report on Wednesday, September 25th. Benchmark restated a “buy” rating on shares of Progress Software in a report on Friday, September 27th. Finally, Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Progress Software has a consensus rating of “Buy” and a consensus price target of $48.50.
Shares of Progress Software stock opened at $40.57 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.10 and a current ratio of 1.10. Progress Software has a 52 week low of $30.23 and a 52 week high of $47.60. The stock has a 50 day moving average price of $39.02 and a two-hundred day moving average price of $41.50. The stock has a market capitalization of $1.78 billion, a PE ratio of 19.04 and a beta of 0.82.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, September 26th. The software maker reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The firm had revenue of $115.52 million during the quarter, compared to analysts’ expectations of $110.83 million. During the same quarter last year, the firm posted $0.60 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. Research analysts forecast that Progress Software will post 2.22 EPS for the current year.
A number of institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new stake in shares of Progress Software in the first quarter valued at $28,000. First Trust Advisors LP raised its stake in shares of Progress Software by 861.2% in the first quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock valued at $5,290,000 after buying an additional 106,818 shares during the period. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Progress Software in the first quarter valued at $164,000. WINTON GROUP Ltd bought a new stake in shares of Progress Software in the second quarter valued at $4,081,000. Finally, Boston Private Wealth LLC bought a new stake in shares of Progress Software in the second quarter valued at $627,000. Institutional investors and hedge funds own 92.72% of the company’s stock.
About Progress Software
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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