Progress Software Co. (NASDAQ:PRGS) was the recipient of unusually large options trading on Wednesday. Stock traders bought 595 put options on the company. This is an increase of approximately 1,090% compared to the typical volume of 50 put options.
A number of research firms recently commented on PRGS. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a report on Friday, March 16th. Zacks Investment Research downgraded Progress Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 14th. Benchmark downgraded Progress Software from a “hold” rating to a “sell” rating in a report on Thursday, March 8th. Finally, ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Progress Software currently has a consensus rating of “Hold” and an average target price of $46.33.
Large investors have recently made changes to their positions in the business. Swiss National Bank lifted its holdings in Progress Software by 3.2% in the fourth quarter. Swiss National Bank now owns 74,000 shares of the software maker’s stock valued at $3,150,000 after acquiring an additional 2,300 shares during the period. Mackenzie Financial Corp lifted its holdings in Progress Software by 30.6% in the fourth quarter. Mackenzie Financial Corp now owns 171,084 shares of the software maker’s stock valued at $7,283,000 after acquiring an additional 40,118 shares during the period. AMP Capital Investors Ltd acquired a new position in Progress Software in the third quarter valued at approximately $455,000. Scoggin Management LP acquired a new position in Progress Software in the third quarter valued at approximately $4,771,000. Finally, RWC Asset Management LLP acquired a new position in Progress Software in the third quarter valued at approximately $11,451,000. 94.26% of the stock is owned by institutional investors.
Shares of Progress Software stock opened at $41.21 on Thursday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.31. Progress Software has a twelve month low of $27.46 and a twelve month high of $53.60. The company has a market capitalization of $1,919.03, a PE ratio of 24.48 and a beta of 0.75.
Progress Software (NASDAQ:PRGS) last released its earnings results on Wednesday, January 10th. The software maker reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The firm had revenue of $116.30 million during the quarter, compared to the consensus estimate of $114.33 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue was down 1.4% compared to the same quarter last year. analysts expect that Progress Software will post 1.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Wednesday, February 28th. Progress Software’s payout ratio is presently 72.73%.
COPYRIGHT VIOLATION NOTICE: “Progress Software Sees Unusually Large Options Volume (PRGS)” was published by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be read at https://www.thelincolnianonline.com/2018/03/22/progress-software-sees-unusually-large-options-volume-prgs.html.
About Progress Software
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.