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

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

A number of other research analysts have also issued reports on the stock. National Securities set a $50.00 price objective on shares of Progress Software and gave the company a buy rating in a report on Friday, June 28th. Wedbush upgraded shares of 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. ValuEngine lowered shares of Progress Software from a buy rating to a hold rating in a report on Monday, June 3rd. Benchmark upgraded shares of Progress Software from a hold rating to a buy rating and set a $49.00 price objective for the company in a report on Wednesday, July 17th. Finally, Zacks Investment Research upgraded shares of Progress Software from a hold rating to a buy rating and set a $46.00 price objective for the company in a report on Friday, July 5th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $49.25.

Shares of NASDAQ PRGS opened at $39.62 on Thursday. The company has a 50 day simple moving average of $39.58 and a 200 day simple moving average of $41.09. The firm has a market cap of $1.82 billion, a PE ratio of 18.60 and a beta of 0.81. Progress Software has a 1 year low of $30.23 and a 1 year high of $47.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.00.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.17. The business had revenue of $103.48 million during the quarter, compared to analyst estimates of $98.20 million. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business earned $0.60 EPS. As a group, research analysts anticipate 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. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.155 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.62 annualized dividend and a yield of 1.56%. Progress Software’s payout ratio is 29.11%.

Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. bought a new position in Progress Software during the 1st quarter worth approximately $28,000. Harvest Fund Management Co. Ltd bought a new position in Progress Software during the 2nd quarter worth approximately $38,000. Ropes Wealth Advisors LLC bought a new position in Progress Software during the 2nd quarter worth approximately $44,000. Royal Bank of Canada raised its holdings in Progress Software by 30.9% during the 2nd quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after purchasing an additional 314 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in Progress Software during the 2nd quarter worth approximately $114,000. Hedge funds and other institutional investors own 92.64% 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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