Progress Software Corporation (NASDAQ:PRGS) – Equities researchers at Wedbush upped their Q4 2017 earnings per share estimates for Progress Software Corporation in a report released on Thursday. Wedbush analyst S. Koenig now forecasts that the software maker will post earnings of $0.54 per share for the quarter, up from their previous estimate of $0.50. Wedbush currently has a “Neutral” rating and a $32.00 target price on the stock. Wedbush also issued estimates for Progress Software Corporation’s Q1 2018 earnings at $0.34 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.39 EPS, Q4 2018 earnings at $0.53 EPS and FY2018 earnings at $1.62 EPS.

A number of other brokerages also recently weighed in on PRGS. BidaskClub raised Progress Software Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Zacks Investment Research upgraded shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 target price for the company in a report on Wednesday, July 5th. TheStreet upgraded shares of Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Finally, Benchmark Co. reiterated a “buy” rating and issued a $42.00 target price (up from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $37.50.

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Progress Software Corporation (PRGS) traded up 0.812% during midday trading on Monday, hitting $39.085. 169,243 shares of the stock were exchanged. The firm’s 50 day moving average price is $34.98 and its 200 day moving average price is $31.32. The company’s market cap is $1.88 billion. Progress Software Corporation has a 12 month low of $26.23 and a 12 month high of $39.14.

Progress Software Corporation (NASDAQ:PRGS) last issued its earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) 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 analysts’ expectations of $97.60 million. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share.

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can boosted its position in shares of Progress Software Corporation by 25.3% in the 1st 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 in the last quarter. Great West Life Assurance Co. Can grew its stake in Progress Software Corporation by 7.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 69,911 shares of the software maker’s stock worth $2,029,000 after buying an additional 5,085 shares during the last quarter. First Trust Advisors LP grew its stake in Progress Software Corporation by 220.7% during the 1st quarter. First Trust Advisors LP now owns 51,109 shares of the software maker’s stock worth $1,485,000 after buying an additional 35,172 shares during the last quarter. US Bancorp DE grew its stake in Progress Software Corporation by 0.6% during the 1st quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock worth $706,000 after buying an additional 143 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Progress Software Corporation by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 782,074 shares of the software maker’s stock worth $22,720,000 after buying an additional 39,044 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 30th. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.44%. Progress Software Corporation’s dividend payout ratio is presently -45.87%.

Progress Software Corporation announced that its board has approved a share repurchase program on Wednesday, September 27th that authorizes the company to repurchase $159.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.

Earnings History and Estimates for Progress Software Corporation (NASDAQ:PRGS)

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