Progress Software (NASDAQ:PRGS) Downgraded to Strong Sell at BidaskClub

BidaskClub cut shares of Progress Software (NASDAQ:PRGS) from a sell rating to a strong sell rating in a research note published on Tuesday morning, BidAskClub reports.

PRGS has been the topic of a number of other research reports. Wedbush reaffirmed an outperform rating and set a $45.00 target price on shares of Progress Software in a research note on Wednesday, August 26th. ValuEngine cut Progress Software from a hold rating to a sell rating in a research note on Monday, August 3rd. Benchmark increased their price objective on Progress Software from $39.00 to $43.00 and gave the stock a buy rating in a research note on Friday, June 26th. Finally, Zacks Investment Research raised Progress Software from a hold rating to a strong-buy rating and set a $42.00 price objective on the stock in a research note on Friday, September 11th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $45.75.

Shares of PRGS stock opened at $35.66 on Tuesday. Progress Software has a 1 year low of $28.09 and a 1 year high of $52.50. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.29 and a quick ratio of 1.29. The stock’s 50 day simple moving average is $36.46 and its two-hundred day simple moving average is $36.60. The company has a market cap of $1.60 billion, a PE ratio of 34.96 and a beta of 1.03.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 25th. The software maker reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The company had revenue of $102.51 million for the quarter, compared to analysts’ expectations of $99.17 million. Progress Software had a net margin of 10.81% and a return on equity of 34.66%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company earned $0.65 earnings per share. Equities research analysts expect that Progress Software will post 2.54 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.66 annualized dividend and a yield of 1.85%. Progress Software’s dividend payout ratio (DPR) is presently 28.82%.

A number of hedge funds and other institutional investors have recently made changes to their positions in PRGS. Marshall Wace North America L.P. bought a new stake in Progress Software during the 1st quarter valued at $28,000. Private Capital Group LLC raised its stake in Progress Software by 71.7% in the 1st quarter. Private Capital Group LLC now owns 924 shares of the software maker’s stock worth $30,000 after acquiring an additional 386 shares during the last quarter. Advisor Group Holdings Inc. purchased a new position in Progress Software in the 1st quarter worth $48,000. DekaBank Deutsche Girozentrale purchased a new position in Progress Software in the 2nd quarter worth $69,000. Finally, Advisors Asset Management Inc. purchased a new position in Progress Software in the 2nd quarter worth $107,000. 92.88% of the stock is currently owned by institutional investors and hedge funds.

Progress Software Company Profile

Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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