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.
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.
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