Zacks Investment Research Upgrades Progress Software (PRGS) to Strong-Buy
Zacks Investment Research upgraded shares of Progress Software (NASDAQ:PRGS) from a hold rating to a strong-buy rating in a research report released on Thursday morning. The brokerage currently has $60.00 target price on the software maker’s stock.
According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “
Other research analysts have also issued reports about the company. Benchmark reaffirmed a buy rating and issued a $47.00 target price (up from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. ValuEngine lowered Progress Software from a buy rating to a hold rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $46.33.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.13. The firm had revenue of $116.30 million during the quarter, compared to the consensus estimate of $114.33 million. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. research analysts forecast that Progress Software will post 1.95 earnings per share for the current year.
Progress Software declared that its Board of Directors has authorized a stock repurchase program on Wednesday, September 27th that permits the company to repurchase $159.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend is Wednesday, February 28th. Progress Software’s payout ratio is currently 72.73%.
A number of hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its position in Progress Software by 0.9% in the 2nd 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 last quarter. Profund Advisors LLC increased its position in Progress Software by 6.0% in the 2nd quarter. Profund Advisors LLC now owns 9,243 shares of the software maker’s stock worth $286,000 after purchasing an additional 526 shares during the last quarter. Laurion Capital Management LP increased its position in Progress Software by 11.8% in the 2nd quarter. Laurion Capital Management LP now owns 8,500 shares of the software maker’s stock worth $263,000 after purchasing an additional 900 shares during the last quarter. Louisiana State Employees Retirement System increased its position in Progress Software by 5.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the software maker’s stock worth $877,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in Progress Software by 4.2% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 29,520 shares of the software maker’s stock worth $912,000 after purchasing an additional 1,180 shares during the last quarter. 93.64% of the stock is currently owned by institutional investors.
Progress Software 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.
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