BidaskClub upgraded shares of Progress Software Corporation (NASDAQ:PRGS) from a hold rating to a buy rating in a research note released on Wednesday morning.

Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of Progress Software Corporation from a c+ rating to a b rating in a research report on Wednesday, June 28th. Zacks Investment Research raised shares of 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 report on Wednesday, July 5th. Finally, Wedbush lifted their target price on shares of Progress Software Corporation from $24.00 to $27.00 and gave the stock a neutral rating in a research report on Thursday, March 30th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $32.25.

Progress Software Corporation (NASDAQ:PRGS) opened at 31.59 on Wednesday. The firm’s 50-day moving average price is $29.52 and its 200-day moving average price is $29.58. The firm’s market cap is $1.53 billion. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $32.47.

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

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The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 1.58%.

Large investors have recently modified their holdings of the company. Great West Life Assurance Co. Can raised its stake in shares of 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 during the last quarter. Adams Diversified Equity Fund Inc. raised its stake in shares of 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 during the last quarter. Wells Fargo & Company MN raised its stake in shares of 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 during the last quarter. Shell Asset Management Co. bought a new stake in shares of Progress Software Corporation during the first quarter valued at about $560,000. Finally, Fisher Asset Management LLC raised its stake in shares of Progress Software Corporation by 1.4% in the first quarter. Fisher Asset Management LLC now owns 912,529 shares of the software maker’s stock valued at $26,509,000 after buying an additional 12,943 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

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)

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