Progress Software Corporation (PRGS) Rating Increased to Buy at Zacks Investment Research

Progress Software Corporation (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $41.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.89% from the company’s current price.

According to Zacks, “Progress Software Corporation is a global supplier of application development, deployment and management technology, Internet and intranet enabling technologies and support services to business, industry and government. The company’s software products and services address these challenges by increasing developer productivity, by delivering applications with a low total cost of ownership and by enhancing performance and availability. The company’s products include application servers, databases, development tools and application management products. “

Several other research analysts have also commented on the company. BidaskClub raised Progress Software Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Benchmark Co. reissued a “buy” rating and issued a $42.00 price objective (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $36.00.

Progress Software Corporation (NASDAQ PRGS) opened at 37.31 on Friday. The company’s 50-day moving average price is $33.12 and its 200 day moving average price is $30.60. Progress Software Corporation has a 1-year low of $25.55 and a 1-year high of $38.51. The firm’s market capitalization is $1.80 billion.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The company had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same period last year, the company posted $0.33 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Progress Software Corporation will post $1.78 EPS for the current year.

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Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Progress Software Corporation by 53,713.4% during the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock valued at $177,730,000 after acquiring an additional 6,106,679 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Progress Software Corporation by 1.6% during the second quarter. Vanguard Group Inc. now owns 4,328,238 shares of the software maker’s stock valued at $133,700,000 after acquiring an additional 67,869 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Progress Software Corporation by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock valued at $56,630,000 after acquiring an additional 358,804 shares in the last quarter. State Street Corp grew its stake in shares of Progress Software Corporation by 9.8% during the second quarter. State Street Corp now owns 1,332,588 shares of the software maker’s stock valued at $41,165,000 after acquiring an additional 118,409 shares in the last quarter. Finally, Numeric Investors LLC grew its stake in shares of Progress Software Corporation by 2,170.2% during the second quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock valued at $34,829,000 after acquiring an additional 1,077,842 shares in the last quarter. Institutional investors own 91.61% of the company’s stock.

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.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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