Benchmark Raises Progress Software (NASDAQ:PRGS) Price Target to $43.00

Progress Software (NASDAQ:PRGS) had its price objective boosted by Benchmark from $39.00 to $43.00 in a research note issued to investors on Friday morning, The Fly reports. Benchmark currently has a buy rating on the software maker’s stock.

A number of other equities analysts have also commented on PRGS. Zacks Investment Research lowered Progress Software from a buy rating to a hold rating in a report on Saturday, May 30th. ValuEngine raised Progress Software from a sell rating to a hold rating in a report on Friday, March 13th. Wedbush cut their price target on Progress Software from $58.00 to $42.00 and set an outperform rating for the company in a report on Friday, March 27th. BidaskClub lowered Progress Software from a hold rating to a sell rating in a report on Tuesday. Finally, TheStreet raised Progress Software from a c+ rating to a b rating in a report on Tuesday, May 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Progress Software presently has a consensus rating of Hold and a consensus price target of $46.60.

NASDAQ:PRGS opened at $37.60 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.19 and a quick ratio of 1.19. The business has a fifty day simple moving average of $38.83 and a two-hundred day simple moving average of $39.60. Progress Software has a 1 year low of $28.09 and a 1 year high of $52.50. The company has a market capitalization of $1.69 billion, a P/E ratio of 36.86 and a beta of 1.10.

Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, June 25th. The software maker reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.01). Progress Software had a return on equity of 34.91% and a net margin of 10.81%. The firm had revenue of $102.51 million during the quarter, compared to analysts’ expectations of $99.17 million. During the same period in the prior year, the business earned $0.65 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. As a group, analysts anticipate that Progress Software will post 2.38 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Friday, May 29th. Progress Software’s dividend payout ratio is 28.82%.

A number of large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its position in Progress Software by 17.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,832,517 shares of the software maker’s stock valued at $76,141,000 after purchasing an additional 277,406 shares in the last quarter. Acadian Asset Management LLC raised its position in Progress Software by 1.2% during the first quarter. Acadian Asset Management LLC now owns 1,590,455 shares of the software maker’s stock valued at $50,894,000 after purchasing an additional 18,451 shares in the last quarter. State Street Corp raised its position in Progress Software by 5.0% during the first quarter. State Street Corp now owns 1,467,769 shares of the software maker’s stock valued at $46,969,000 after purchasing an additional 70,446 shares in the last quarter. Norges Bank purchased a new stake in Progress Software during the fourth quarter valued at about $39,233,000. Finally, Praesidium Investment Management Company LLC purchased a new stake in Progress Software during the first quarter valued at about $27,958,000. 93.74% of the stock is owned by institutional investors.

About Progress Software

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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