BidaskClub downgraded shares of Progress Software Corporation (NASDAQ:PRGS) from a buy rating to a hold rating in a report issued on Thursday.

Several other brokerages also recently issued reports on PRGS. Zacks Investment Research raised Progress Software Corporation from a hold rating to a strong-buy rating and set a $36.00 target price on the stock in a research note on Wednesday, July 5th. TheStreet raised Progress Software Corporation from a c+ rating to a b rating in a research note on Wednesday, June 28th. Finally, Wedbush lifted their target price on Progress Software Corporation from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, March 30th. Six analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $32.25.

Progress Software Corporation (NASDAQ:PRGS) remained flat at $32.14 during mid-day trading on Thursday. 64,869 shares of the company’s stock were exchanged. The company’s 50-day moving average is $30.81 and its 200-day moving average is $29.57. Progress Software Corporation has a one year low of $25.55 and a one year high of $32.53. The firm’s market cap is $1.55 billion.

Progress Software Corporation (NASDAQ:PRGS) last issued its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.05. The company had revenue of $93.20 million for the quarter, compared to the consensus estimate of $91.53 million. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. On average, equities research analysts predict that Progress Software Corporation will post $1.77 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: “Progress Software Corporation (PRGS) Cut to “Hold” at BidaskClub” was posted by Watch List News and is owned by of Watch List News. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The correct version of this article can be accessed at https://www.watchlistnews.com/progress-software-corporation-prgs-cut-to-hold-at-bidaskclub/1464039.html.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Wednesday, August 30th.

Hedge funds have recently modified their holdings of the stock. First Trust Advisors LP boosted its position in Progress Software Corporation by 220.7% in the first quarter. First Trust Advisors LP now owns 51,109 shares of the software maker’s stock valued at $1,485,000 after buying an additional 35,172 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Progress Software Corporation by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 69,911 shares of the software maker’s stock valued at $2,029,000 after buying an additional 5,085 shares in the last quarter. Adams Diversified Equity Fund Inc. boosted its position in Progress Software Corporation by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 33,200 shares of the software maker’s stock valued at $964,000 after buying an additional 900 shares in the last quarter. Wells Fargo & Company MN boosted its position in Progress Software Corporation by 18.4% in the first quarter. Wells Fargo & Company MN now owns 621,843 shares of the software maker’s stock valued at $18,057,000 after buying an additional 96,785 shares in the last quarter. Finally, Shell Asset Management Co. purchased a new position in Progress Software Corporation during the first quarter valued at $560,000. 91.29% of the stock is currently owned by institutional investors.

Progress Software Corporation Company Profile

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

Analyst Recommendations for Progress Software Corporation (NASDAQ:PRGS)

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