Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned a consensus rating of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $42.50.
A number of research firms recently commented on PRGS. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, March 16th. Benchmark reaffirmed a “buy” rating and issued a $47.00 price target (up previously from $42.00) on shares of Progress Software in a research note on Tuesday, January 2nd. Zacks Investment Research downgraded Progress Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 14th. Sidoti raised Progress Software from a “neutral” rating to a “buy” rating in a research note on Tuesday, April 3rd. Finally, Wedbush reaffirmed a “neutral” rating and issued a $42.00 price target on shares of Progress Software in a research note on Thursday, March 29th.
PRGS opened at $38.77 on Wednesday. Progress Software has a fifty-two week low of $28.63 and a fifty-two week high of $53.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market cap of $1,715.20, a PE ratio of 22.54 and a beta of 0.89.
Progress Software (NASDAQ:PRGS) last posted its earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.07. The company had revenue of $94.19 million during the quarter, compared to the consensus estimate of $92.47 million. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. sell-side analysts predict that Progress Software will post 2.05 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, May 31st. Progress Software’s dividend payout ratio (DPR) is presently 32.56%.
A number of hedge funds have recently bought and sold shares of PRGS. Legal & General Group Plc raised its stake in Progress Software by 5.9% in the third quarter. Legal & General Group Plc now owns 99,242 shares of the software maker’s stock valued at $3,788,000 after purchasing an additional 5,567 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Progress Software during the third quarter worth about $2,254,000. AMP Capital Investors Ltd acquired a new position in Progress Software during the third quarter worth about $455,000. Vident Investment Advisory LLC acquired a new position in Progress Software during the third quarter worth about $338,000. Finally, Cubist Systematic Strategies LLC raised its stake in Progress Software by 17.8% during the third quarter. Cubist Systematic Strategies LLC now owns 12,126 shares of the software maker’s stock worth $463,000 after acquiring an additional 1,832 shares in the last quarter. 96.66% of the stock is owned by institutional investors and hedge funds.
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Progress Software Company Profile
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.
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