Progress Software (NASDAQ:PRGS) Cut to Hold at BidaskClub

BidaskClub cut shares of Progress Software (NASDAQ:PRGS) from a buy rating to a hold rating in a research report released on Wednesday, BidAskClub reports.

Other research analysts have also issued research reports about the company. Benchmark raised Progress Software from a hold rating to a buy rating and set a $49.00 target price for the company in a report on Wednesday, July 17th. Wedbush raised Progress Software from a neutral rating to an outperform rating and lifted their target price for the company from $44.00 to $52.00 in a report on Friday, July 26th. National Securities set a $50.00 target price on Progress Software and gave the company a buy rating in a report on Friday, June 28th. Zacks Investment Research raised Progress Software from a hold rating to a buy rating and set a $46.00 target price for the company in a report on Friday, July 5th. Finally, ValuEngine lowered Progress Software from a buy rating to a hold rating in a report on Monday, June 3rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $49.25.

Progress Software stock traded down $0.48 during midday trading on Wednesday, reaching $39.55. The stock had a trading volume of 253,590 shares, compared to its average volume of 291,593. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60. The business has a 50-day moving average of $41.45. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 18.57 and a beta of 0.76. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.00.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, June 27th. The software maker reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.17. The business had revenue of $103.48 million during the quarter, compared to analyst estimates of $98.20 million. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, equities research analysts anticipate that Progress Software will post 2.16 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can grew its holdings in shares of Progress Software by 34.5% during the second quarter. Bank of Montreal Can now owns 13,570 shares of the software maker’s stock worth $593,000 after purchasing an additional 3,484 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Progress Software during the second quarter worth about $2,395,000. Prudential Financial Inc. grew its holdings in shares of Progress Software by 20.2% during the second quarter. Prudential Financial Inc. now owns 793,283 shares of the software maker’s stock worth $34,603,000 after purchasing an additional 133,043 shares in the last quarter. Landscape Capital Management L.L.C. grew its holdings in shares of Progress Software by 153.8% during the second quarter. Landscape Capital Management L.L.C. now owns 16,537 shares of the software maker’s stock worth $721,000 after purchasing an additional 10,020 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Progress Software by 21.4% during the second quarter. Acadian Asset Management LLC now owns 1,606,709 shares of the software maker’s stock worth $70,086,000 after purchasing an additional 282,721 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

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.

Featured Article: Why does the United States have a lingering trade deficit?

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.