Progress Software (NASDAQ:PRGS) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued on Thursday, Zacks.com reports.
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 analysts have also recently issued reports about the company. Citigroup increased their target price on Progress Software from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Friday, September 24th. They noted that the move was a valuation call. Oppenheimer increased their target price on Progress Software from $54.00 to $60.00 and gave the stock an "outperform" rating in a research note on Friday, September 24th. Finally, JPMorgan Chase & Co. assumed coverage on Progress Software in a research note on Friday, October 22nd. They set an "overweight" rating and a $60.00 target price for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Progress Software currently has a consensus rating of "Buy" and an average price target of $56.33.
Shares of PRGS stock opened at $50.75 on Thursday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.87 and a quick ratio of 1.87. The stock has a market cap of $2.23 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 8.11 and a beta of 1.17. The stock has a 50-day moving average of $50.14 and a 200-day moving average of $47.16. Progress Software has a one year low of $39.86 and a one year high of $53.99.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, September 22nd. The software maker reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.36. Progress Software had a return on equity of 41.16% and a net margin of 15.80%. The company had revenue of $152.60 million during the quarter, compared to analysts' expectations of $131.07 million. During the same period in the prior year, the business posted $0.67 EPS. Progress Software's revenue was up 37.6% on a year-over-year basis. As a group, research analysts anticipate that Progress Software will post 3.18 earnings per share for the current year.
In other Progress Software news, EVP Jeremy Segal sold 1,281 shares of the firm's stock in a transaction on Monday, October 4th. The stock was sold at an average price of $49.30, for a total transaction of $63,153.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gary Quinn sold 15,216 shares of the firm's stock in a transaction on Wednesday, November 3rd. The shares were sold at an average price of $52.05, for a total value of $791,992.80. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.
A number of hedge funds have recently bought and sold shares of PRGS. Marshall Wace North America L.P. bought a new position in Progress Software during the 1st quarter worth $28,000. Rockefeller Capital Management L.P. bought a new position in Progress Software during the 2nd quarter worth $42,000. FNY Investment Advisers LLC bought a new position in Progress Software during the 3rd quarter worth $62,000. Captrust Financial Advisors increased its position in Progress Software by 1,663.3% during the 1st quarter. Captrust Financial Advisors now owns 1,587 shares of the software maker's stock worth $70,000 after buying an additional 1,497 shares during the period. Finally, Financial Management Professionals Inc. bought a new position in Progress Software during the 3rd quarter worth $77,000. Hedge funds and other institutional investors own 92.75% of the company's stock.
Progress Software Company Profile
Progress Software Corp. engages in the provision of a platform, which develops and deploys mission-critical business applications. It operates through the following segments: OpenEdge, Data Connectivity and Integration and Application Development and Deployment. The OpenEdge segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.
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