ValuEngine upgraded shares of Progress Software (NASDAQ:PRGS) from a sell rating to a hold rating in a research note released on Thursday.

Several other brokerages have also recently commented on PRGS. BidaskClub raised shares of Progress Software from a sell rating to a hold rating in a research note on Saturday, August 25th. Zacks Investment Research cut shares of Progress Software from a buy rating to a hold rating in a research note on Wednesday, August 29th. Finally, Wedbush reaffirmed a neutral rating and set a $38.00 price objective on shares of Progress Software in a research note on Friday, November 16th. Four investment 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’s stock. The stock presently has an average rating of Buy and a consensus price target of $39.00.

Shares of PRGS traded up $0.27 during trading hours on Thursday, reaching $34.73. 4,439 shares of the stock traded hands, compared to its average volume of 319,799. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. Progress Software has a 52 week low of $30.23 and a 52 week high of $53.60. The firm has a market capitalization of $1.53 billion, a P/E ratio of 20.19 and a beta of 0.90.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The company had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. During the same quarter in the previous year, the firm posted $0.48 earnings per share. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts expect that Progress Software will post 2.14 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.62 annualized dividend and a yield of 1.79%. This is a boost from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s payout ratio is currently 36.05%.

In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the completion of the transaction, the insider now owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.50% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in PRGS. Itau Unibanco Holding S.A. purchased a new position in Progress Software in the 2nd quarter worth approximately $140,000. Harvest Fund Management Co. Ltd purchased a new position in Progress Software in the 3rd quarter worth approximately $146,000. Charter Trust Co. purchased a new position in Progress Software in the 2nd quarter worth approximately $200,000. Ifrah Financial Services Inc. purchased a new position in Progress Software in the 3rd quarter worth approximately $213,000. Finally, Pacer Advisors Inc. grew its stake in Progress Software by 189.0% in the 3rd quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock worth $218,000 after buying an additional 4,047 shares in the last quarter. 92.46% of the stock is owned by institutional investors and hedge funds.

Progress Software Company Profile

Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

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