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.