Progress Software Sees Unusually High Options Volume (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) was the target of unusually large options trading on Thursday. Stock investors bought 2,253 call options on the stock. This is an increase of approximately 2,247% compared to the typical daily volume of 96 call options.

Shares of NASDAQ:PRGS opened at $46.21 on Friday. The company’s 50 day simple moving average is $45.62 and its 200 day simple moving average is $45.28. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 7.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.77 and a quick ratio of 1.77. Progress Software has a 1 year low of $34.50 and a 1 year high of $49.23.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, September 23rd. The software maker reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.36. The business had revenue of $152.60 million for the quarter, compared to analysts’ expectations of $131.07 million. Progress Software had a net margin of 15.58% and a return on equity of 37.43%. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. As a group, analysts anticipate that Progress Software will post 2.93 EPS for the current fiscal year.

A number of equities analysts have issued reports on the company. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, August 26th. Guggenheim assumed coverage on shares of Progress Software in a research note on Tuesday, June 8th. They issued a “buy” rating and a $56.00 target price for the company. Citigroup initiated coverage on shares of Progress Software in a research note on Friday, August 6th. They issued a “neutral” rating and a $48.00 target price for the company. Finally, Oppenheimer initiated coverage on shares of Progress Software in a research report on Wednesday, July 14th. They set an “outperform” rating and a $54.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and a consensus target price of $52.80.

Large investors have recently made changes to their positions in the stock. Marshall Wace North America L.P. bought a new position in Progress Software in the first quarter valued at approximately $28,000. Rockefeller Capital Management L.P. bought a new stake in shares of Progress Software in the second quarter worth $42,000. Captrust Financial Advisors grew its stake in shares of Progress Software by 1,663.3% in the first quarter. Captrust Financial Advisors now owns 1,587 shares of the software maker’s stock worth $70,000 after purchasing an additional 1,497 shares during the last quarter. First Mercantile Trust Co. bought a new stake in shares of Progress Software in the first quarter worth $85,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Progress Software in the second quarter worth $100,000.

About Progress Software

Progress Software Corp. engages in the provision of a platform, which develops and deploys mission-critical business applications. It operates through the following segments: OpenEdge, Data Connectivity and Integration and Application Development and Deployment. The OpenEdge segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.

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