Trade Report: The Progress Software Corp.’s (PRGS) Buy Rating Reaffirmed at Benchmark Co.

The Progress Software Corp.’s (PRGS) Buy Rating Reaffirmed at Benchmark Co.

Benchmark Co. reiterated their buy rating on shares of Progress Software Corp. (NASDAQ:PRGS) in a research report report published on Tuesday. Benchmark Co. currently has a $31.00 target price on the stock.

Other equities analysts have also issued reports about the company. Wedbush reaffirmed a neutral rating and issued a $24.00 target price on shares of Progress Software Corp. in a research report on Tuesday. JMP Securities reaffirmed a hold rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. TheStreet raised Progress Software Corp. from a hold rating to a buy rating in a research report on Thursday, June 30th. Zacks Investment Research raised Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price target on the stock in a research report on Thursday, July 7th. Finally, Ladenburg Thalmann lowered Progress Software Corp. from a buy rating to a neutral rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $28.38.

Shares of Progress Software Corp. (NASDAQ:PRGS) opened at 27.37 on Tuesday. The company has a 50-day moving average of $28.20 and a 200 day moving average of $27.11. The firm has a market cap of $1.33 billion, a PE ratio of 159.13 and a beta of 1.14. Progress Software Corp. has a one year low of $22.01 and a one year high of $29.80.

Progress Software Corp. (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The business earned $102 million during the quarter, compared to analyst estimates of $104.72 million. During the same period in the previous year, the company earned $0.39 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities research analysts expect 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 given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.83%. The ex-dividend date is Tuesday, November 29th.

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

A number of large investors have recently modified their holdings of the company. Aperio Group LLC raised its stake in shares of Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock valued at $351,000 after buying an additional 5,261 shares in the last quarter. Virginia Retirement System bought a new stake in shares of Progress Software Corp. during the first quarter valued at $671,000. Teachers Advisors Inc. raised its stake in shares of Progress Software Corp. by 3.3% in the first quarter. Teachers Advisors Inc. now owns 653,435 shares of the company’s stock valued at $15,761,000 after buying an additional 21,053 shares in the last quarter. Zebra Capital Management LLC bought a new stake in shares of Progress Software Corp. during the first quarter valued at $274,000. Finally, UBS Group AG raised its stake in shares of Progress Software Corp. by 106.7% in the first quarter. UBS Group AG now owns 33,620 shares of the company’s stock valued at $811,000 after buying an additional 17,352 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

About Progress Software Corp.

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