BidaskClub Downgrades Progress Software (NASDAQ:PRGS) to Sell

BidaskClub lowered shares of Progress Software (NASDAQ:PRGS) from a hold rating to a sell rating in a report released on Thursday morning, BidAskClub reports.

Several other analysts also recently commented on the company. ValuEngine downgraded Progress Software from a hold rating to a sell rating in a research note on Monday, August 3rd. Wedbush reiterated an outperform rating and issued a $45.00 target price on shares of Progress Software in a research note on Wednesday, August 26th. Benchmark raised their price target on shares of Progress Software from $39.00 to $43.00 and gave the company a buy rating in a research report on Friday, June 26th. Finally, Zacks Investment Research raised shares of Progress Software from a hold rating to a strong-buy rating and set a $42.00 price objective for the company in a research report on Friday, September 11th. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $43.33.

Shares of NASDAQ:PRGS opened at $39.38 on Thursday. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50. The stock’s 50 day moving average is $37.23 and its 200-day moving average is $37.46. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 31.50 and a beta of 1.02.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Sunday, October 4th. The software maker reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01. The business had revenue of $110.88 million during the quarter, compared to analyst estimates of $107.17 million. Progress Software had a net margin of 13.12% and a return on equity of 33.98%. Progress Software’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.75 EPS. Equities research analysts anticipate that Progress Software will post 2.55 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.175 dividend. This is an increase from Progress Software’s previous quarterly dividend of $0.17. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Monday, November 30th. Progress Software’s payout ratio is 28.82%.

In related news, SVP Gary Quinn sold 7,116 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $40.32, for a total value of $286,917.12. Following the transaction, the senior vice president now owns 8,197 shares in the company, valued at $330,503.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rainer Gawlick acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The stock was purchased at an average price of $37.77 per share, for a total transaction of $37,770.00. Insiders have purchased 6,322 shares of company stock valued at $238,001 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace North America L.P. bought a new stake in shares of Progress Software during the 1st quarter valued at $28,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Progress Software during the 3rd quarter valued at approximately $43,000. Advisor Group Holdings Inc. bought a new stake in shares of Progress Software during the first quarter valued at approximately $48,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Progress Software in the second quarter worth $69,000. Finally, Advisors Asset Management Inc. bought a new position in shares of Progress Software during the second quarter worth $107,000. 92.88% 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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