Progress Software Corporation (NASDAQ:PRGS) was upgraded by investment analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Wednesday, June 28th.
Other research analysts have also issued research reports about the company. BidaskClub lowered Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. Wedbush boosted their price target on Progress Software Corporation from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, March 30th. Finally, Zacks Investment Research lowered Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, March 22nd. Six equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Progress Software Corporation presently has an average rating of “Hold” and an average price target of $32.25.
Shares of Progress Software Corporation (PRGS) traded up 0.09% during midday trading on Wednesday, reaching $32.14. The company’s stock had a trading volume of 273,318 shares. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $32.53. The firm’s market cap is $1.55 billion. The company has a 50-day moving average price of $30.81 and a 200-day moving average price of $29.57.
Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05. The firm had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. Equities analysts expect that Progress Software Corporation will post $1.77 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can increased its position in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Progress Software Corporation during the first quarter valued at approximately $126,000. State of Alaska Department of Revenue increased its position in shares of Progress Software Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 5,380 shares of the software maker’s stock valued at $156,000 after buying an additional 130 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in shares of Progress Software Corporation during the first quarter valued at approximately $206,000. Finally, Banco BTG Pactual S.A. acquired a new position in shares of Progress Software Corporation during the first quarter valued at approximately $218,000. Institutional investors own 90.97% of the company’s stock.
Progress Software Corporation 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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