Progress Software Corporation (NASDAQ:PRGS)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a research report issued to clients and investors on Monday. They presently have a $32.00 price target on the software maker’s stock. Wedbush’s price target suggests a potential downside of 15.14% from the stock’s current price. Wedbush also issued estimates for Progress Software Corporation’s FY2018 earnings at $1.56 EPS.

Other equities analysts have also issued reports about the company. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. BidaskClub lowered Progress Software Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Zacks Investment Research lowered Progress Software Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Finally, Benchmark Co. reissued a “buy” rating and issued a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Progress Software Corporation currently has a consensus rating of “Hold” and an average price target of $37.25.

Shares of Progress Software Corporation (PRGS) opened at 37.71 on Monday. The firm’s market capitalization is $1.82 billion. The firm’s 50-day moving average is $33.44 and its 200 day moving average is $30.75. Progress Software Corporation has a one year low of $25.55 and a one year high of $38.51.

Progress Software Corporation (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The firm had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same period in the previous year, the firm earned $0.33 earnings per share. The company’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts predict that Progress Software Corporation will post $1.78 earnings per share for the current year.

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Large investors have recently modified their holdings of the company. Riverhead Capital Management LLC raised its position in shares of Progress Software Corporation by 76.5% during the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after purchasing an additional 1,530 shares during the period. Bank of Montreal Can raised its position in shares of Progress Software Corporation by 25.3% during the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock worth $117,000 after purchasing an additional 818 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Progress Software Corporation during the first quarter worth approximately $126,000. Public Employees Retirement System of Ohio raised its position in shares of Progress Software Corporation by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after purchasing an additional 44 shares during the period. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of Progress Software Corporation during the first quarter worth approximately $206,000. 91.28% of the stock is currently owned by institutional investors.

About Progress Software Corporation

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)

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