Progress Software Corp. (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
PRGS has been the topic of a number of other research reports. Ladenburg Thalmann lowered shares of Progress Software Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. TheStreet raised shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. Wedbush lifted their price target on shares of Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, June 24th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.07% during mid-day trading on Wednesday, reaching $27.97. 7,930 shares of the company traded hands. The stock’s 50-day moving average price is $28.37 and its 200-day moving average price is $27.00. Progress Software Corp. has a one year low of $22.01 and a one year high of $29.80. The firm has a market cap of $1.36 billion, a PE ratio of 162.62 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share 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 company earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. During the same period in the previous year, the firm posted $0.39 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts forecast that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a dividend of $0.125 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a yield of 1.79%.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Paul A. Jalbert sold 21,041 shares of the company’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $28.93, for a total transaction of $608,716.13. Following the completion of the transaction, the chief accounting officer now owns 22,125 shares in the company, valued at $640,076.25. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC increased its position in 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 position in Progress Software Corp. during the first quarter valued at approximately $671,000. Teachers Advisors Inc. increased its position in 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 position in Progress Software Corp. during the first quarter valued at approximately $274,000. Finally, UBS Group AG increased its position in 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. Hedge funds and other institutional investors own 92.65% of the company’s stock.
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.