Progress Software (NASDAQ:PRGS) Raised to Buy at Benchmark

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Benchmark upgraded shares of Progress Software (NASDAQ:PRGS) from a hold rating to a buy rating in a research report released on Wednesday morning, Benzinga reports. They currently have $49.00 target price on the software maker’s stock.

Several other research firms have also recently commented on PRGS. Wedbush reaffirmed a buy rating and issued a $36.00 target price on shares of Allena Pharmaceuticals in a research note on Tuesday, July 2nd. National Securities set a $50.00 target price on shares of Progress Software and gave the stock a buy rating in a research note on Friday, June 28th. ValuEngine cut shares of Intersect ENT from a buy rating to a hold rating in a research note on Monday, June 3rd. Zacks Investment Research raised shares of SCHNEIDER ELEC /ADR from a hold rating to a buy rating and set a $20.00 target price for the company in a research note on Friday, July 5th. Finally, BidaskClub raised shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, July 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $47.25.

Shares of Progress Software stock opened at $41.25 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.00. Progress Software has a 1 year low of $30.23 and a 1 year high of $47.60. The firm has a market cap of $1.88 billion, a P/E ratio of 20.01 and a beta of 0.77. The stock’s 50 day moving average is $41.27.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.17. The firm had revenue of $103.48 million during the quarter, compared to the consensus estimate of $98.20 million. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. As a group, equities research analysts expect that Progress Software will post 2.16 earnings per share for the current fiscal year.

In other Progress Software news, insider Dimitre Taslakov sold 12,999 shares of Progress Software stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $45.50, for a total value of $591,454.50. Following the completion of the sale, the insider now directly owns 31,948 shares of the company’s stock, valued at approximately $1,453,634. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anthony Murphy sold 932 shares of Progress Software stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $45.99, for a total transaction of $42,862.68. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Great West Life Assurance Co. Can boosted its position in Progress Software by 4.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 58,808 shares of the software maker’s stock worth $1,926,000 after purchasing an additional 2,661 shares during the period. Stone Ridge Asset Management LLC boosted its position in Progress Software by 58.5% during the 4th quarter. Stone Ridge Asset Management LLC now owns 23,367 shares of the software maker’s stock worth $829,000 after purchasing an additional 8,623 shares during the period. Geode Capital Management LLC boosted its position in Progress Software by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 692,135 shares of the software maker’s stock worth $24,563,000 after purchasing an additional 18,371 shares during the period. 1492 Capital Management LLC purchased a new stake in Progress Software during the 1st quarter worth $228,000. Finally, Convergence Investment Partners LLC purchased a new stake in Progress Software during the 1st quarter worth $399,000. 91.59% of the stock is owned by institutional investors.

About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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