Progress Software (NASDAQ:PRGS) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Progress Software (NASDAQ:PRGS) from a hold rating to a sell rating in a research note issued to investors on Saturday morning, BidAskClub reports.

Other equities analysts also recently issued reports about the company. National Securities set a $50.00 price objective on Progress Software and gave the stock a buy rating in a research report on Friday, June 28th. Wedbush upgraded Progress Software from a neutral rating to an outperform rating and raised their price objective for the stock from $44.00 to $52.00 in a research report on Friday, July 26th. ValuEngine downgraded Progress Software from a buy rating to a hold rating in a research report on Monday, June 3rd. Zacks Investment Research upgraded Progress Software from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Friday, July 5th. Finally, Benchmark upgraded Progress Software from a hold rating to a buy rating and set a $49.00 price objective for the company in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $49.25.

Progress Software stock opened at $38.71 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $1.73 billion, a PE ratio of 18.17 and a beta of 0.76. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60. The stock has a 50-day moving average price of $40.92 and a two-hundred day moving average price of $40.91.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.17. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The company had revenue of $103.48 million during the quarter, compared to the consensus estimate of $98.20 million. During the same period last year, the company earned $0.60 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts predict that Progress Software will post 2.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.60%. Progress Software’s dividend payout ratio (DPR) is 29.11%.

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace North America L.P. bought a new stake in Progress Software in the first quarter worth approximately $28,000. Harvest Fund Management Co. Ltd bought a new stake in Progress Software in the second quarter worth approximately $38,000. Ropes Wealth Advisors LLC bought a new stake in Progress Software in the second quarter worth approximately $44,000. Royal Bank of Canada increased its holdings in Progress Software by 30.9% in the second quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after purchasing an additional 314 shares in the last quarter. Finally, Quantamental Technologies LLC bought a new stake in Progress Software in the first quarter worth approximately $92,000. Institutional investors own 91.48% of the company’s stock.

About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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