Shares of Progress Software Corp. (NASDAQ:PRGS) have been given a consensus recommendation of “Hold” by the ten ratings firms that are currently covering the firm. Two equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $27.00.

A number of research firms have recently weighed in on PRGS. Citigroup Inc. restated a “neutral” rating on shares of Progress Software Corp. in a report on Saturday, October 15th. Benchmark Co. restated a “buy” rating and issued a $31.00 target price on shares of Progress Software Corp. in a report on Tuesday, October 11th. Wedbush restated a “neutral” rating and issued a $24.00 target price on shares of Progress Software Corp. in a report on Tuesday, October 11th. Zacks Investment Research downgraded shares of Progress Software Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. Finally, Ladenburg Thalmann downgraded shares of Progress Software Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, September 13th. They noted that the move was a valuation call.

Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 0.83% during mid-day trading on Tuesday, reaching $29.87. 73,365 shares of the company’s stock traded hands. Progress Software Corp. has a 12-month low of $22.01 and a 12-month high of $30.24. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 173.66 and a beta of 0.98. The stock has a 50-day moving average price of $27.83 and a 200 day moving average price of $27.72.

Progress Software Corp. (NASDAQ:PRGS) last posted its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The business earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. During the same quarter last year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts anticipate that Progress Software Corp. will post $1.59 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a yield of 1.68%.

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In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Progress Software Corp. by 2.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,600,047 shares of the company’s stock valued at $97,921,000 after buying an additional 89,190 shares during the last quarter. Phocas Financial Corp. boosted its stake in shares of Progress Software Corp. by 6.5% in the third quarter. Phocas Financial Corp. now owns 358,189 shares of the company’s stock valued at $9,743,000 after buying an additional 21,842 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Progress Software Corp. during the third quarter valued at $277,000. Panagora Asset Management Inc. boosted its stake in shares of Progress Software Corp. by 7.7% in the third quarter. Panagora Asset Management Inc. now owns 401,656 shares of the company’s stock valued at $10,925,000 after buying an additional 28,832 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Progress Software Corp. during the third quarter valued at $455,000. 91.55% of the stock is owned by hedge funds and other institutional investors.

Progress Software Corp. Company Profile

Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.

5 Day Chart for NASDAQ:PRGS

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