Brokers Offer Predictions for Progress Software Corporation’s Q1 2018 Earnings (PRGS)

Progress Software Corporation (NASDAQ:PRGS) – Wedbush boosted their Q1 2018 earnings per share (EPS) estimates for Progress Software Corporation in a report released on Thursday. Wedbush analyst S. Koenig now anticipates that the software maker will earn $0.33 per share for the quarter, up from their previous forecast of $0.29. Wedbush currently has a “Neutral” rating and a $27.00 price objective on the stock. Wedbush also issued estimates for Progress Software Corporation’s Q4 2018 earnings at $0.51 EPS.

A number of other research analysts have also recently commented on PRGS. Zacks Investment Research cut Progress Software Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. BidaskClub cut Progress Software Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Finally, TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Progress Software Corporation currently has an average rating of “Hold” and a consensus target price of $32.25.

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Shares of Progress Software Corporation (NASDAQ PRGS) traded up 0.58% during midday trading on Monday, hitting $31.08. The company’s stock had a trading volume of 50,529 shares. The firm’s market cap is $1.50 billion. Progress Software Corporation has a 52-week low of $25.55 and a 52-week high of $32.47. The stock’s 50 day moving average is $29.52 and its 200-day moving average is $29.58.

Progress Software Corporation (NASDAQ:PRGS) last issued its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. The firm had revenue of $93.20 million for the quarter, compared to the consensus estimate 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 company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.125 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 dividend on an annualized basis and a yield of 1.62%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in Progress Software Corporation during the fourth quarter valued at about $5,516,000. State Street Corp raised its stake in Progress Software Corporation by 9.1% in the fourth quarter. State Street Corp now owns 1,159,343 shares of the software maker’s stock valued at $37,010,000 after buying an additional 96,939 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Progress Software Corporation by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,204,172 shares of the software maker’s stock valued at $70,380,000 after buying an additional 79,151 shares during the last quarter. Guggenheim Capital LLC acquired a new stake in Progress Software Corporation during the fourth quarter valued at about $979,000. Finally, Thrivent Financial for Lutherans raised its stake in Progress Software Corporation by 0.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 204,517 shares of the software maker’s stock valued at $6,531,000 after buying an additional 1,460 shares during the last quarter. 91.57% of the stock is currently owned by institutional investors and hedge funds.

About Progress Software Corporation

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.

Earnings History and Estimates for Progress Software Corporation (NASDAQ:PRGS)

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