Progress Software (PRGS) Raised to “Hold” at ValuEngine

Progress Software (NASDAQ:PRGS) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Thursday.

A number of other research analysts have also weighed in on PRGS. BidaskClub raised shares of Progress Software from a “sell” rating to a “hold” rating in a research note on Saturday, August 25th. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $38.00 price objective on shares of Progress Software in a research note on Friday, November 16th. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Progress Software currently has a consensus rating of “Buy” and an average target price of $39.00.

NASDAQ PRGS traded up $0.47 on Thursday, hitting $34.46. 380,300 shares of the company were exchanged, compared to its average volume of 435,793. The firm has a market cap of $1.53 billion, a PE ratio of 20.03 and a beta of 0.90. Progress Software has a 12 month low of $30.23 and a 12 month high of $53.60. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.



Progress Software (NASDAQ:PRGS) last issued its earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The business had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. Progress Software’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. On average, equities analysts predict that Progress Software will post 2.14 earnings per share for the current year.

In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the firm’s stock in a transaction on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the transaction, the insider now directly owns 43,431 shares of the company’s stock, valued at $1,520,085. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in PRGS. BlackRock Inc. lifted its stake in shares of Progress Software by 12.0% in the second quarter. BlackRock Inc. now owns 7,020,934 shares of the software maker’s stock valued at $272,552,000 after buying an additional 749,784 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Progress Software by 58.1% during the third quarter. Acadian Asset Management LLC now owns 1,542,613 shares of the software maker’s stock valued at $54,441,000 after purchasing an additional 566,910 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its position in shares of Progress Software by 995.4% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 519,708 shares of the software maker’s stock valued at $18,340,000 after purchasing an additional 472,264 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Progress Software by 116.6% during the third quarter. Marshall Wace LLP now owns 552,418 shares of the software maker’s stock valued at $19,495,000 after purchasing an additional 297,418 shares in the last quarter. Finally, TD Asset Management Inc. lifted its position in shares of Progress Software by 246.2% during the second quarter. TD Asset Management Inc. now owns 296,700 shares of the software maker’s stock valued at $11,518,000 after purchasing an additional 211,000 shares in the last quarter. 92.46% of the stock is currently owned by hedge funds and other institutional investors.

Progress Software Company Profile

Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

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