Progress Software Corporation (NASDAQ:PRGS) Upgraded to “B” by TheStreet

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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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