Somewhat Favorable Press Coverage Somewhat Unlikely to Affect Progress Software (PRGS) Share Price
News headlines about Progress Software (NASDAQ:PRGS) have been trending somewhat positive this week, according to Accern Sentiment. The research firm identifies positive and negative press coverage by analyzing more than twenty million blog and news sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Progress Software earned a media sentiment score of 0.10 on Accern’s scale. Accern also gave headlines about the software maker an impact score of 46.2137217395573 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the near term.
Shares of Progress Software (PRGS) opened at $41.30 on Monday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1,970.00, a PE ratio of 25.18 and a beta of 0.65. Progress Software has a twelve month low of $27.16 and a twelve month high of $42.97.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.60 million. Progress Software had a positive return on equity of 20.30% and a negative net margin of 13.23%. The company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the company earned $0.44 earnings per share. sell-side analysts forecast that Progress Software will post 1.65 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.36%. The ex-dividend date is Thursday, November 30th. This is an increase from Progress Software’s previous quarterly dividend of $0.13. Progress Software’s dividend payout ratio (DPR) is currently -51.85%.
Progress Software announced that its Board of Directors has authorized a stock repurchase program on Wednesday, September 27th that allows the company to repurchase $159.00 million in shares. This repurchase authorization allows the software maker to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several equities analysts have issued reports on the company. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. Wedbush reiterated a “neutral” rating and issued a $32.00 target price on shares of Progress Software in a research note on Monday, September 18th. Benchmark reiterated a “buy” rating and issued a $42.00 target price (up previously from $34.00) on shares of Progress Software in a research note on Wednesday, September 13th. Finally, BidaskClub upgraded Progress Software from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $37.50.
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About Progress Software
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.
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