Progress Software (NASDAQ:PRGS) Downgraded to “Hold” at BidaskClub

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BidaskClub downgraded shares of Progress Software (NASDAQ:PRGS) from a buy rating to a hold rating in a research note published on Wednesday, BidAskClub reports.

Other research analysts have also issued research reports about the stock. Benchmark upgraded shares of Progress Software from a hold rating to a buy rating and set a $49.00 price objective for the company in a research note on Wednesday, July 17th. Wedbush upgraded shares of Progress Software from a neutral rating to an outperform rating and boosted their price objective for the stock from $44.00 to $52.00 in a research note on Friday, July 26th. National Securities set a $50.00 target price on shares of Progress Software and gave the stock a buy rating in a research report on Friday, June 28th. ValuEngine downgraded shares of Progress Software from a buy rating to a hold rating in a research report on Monday, June 3rd. Finally, Zacks Investment Research raised shares of Progress Software from a hold rating to a buy rating and set a $46.00 target price on the stock in a research report on Friday, July 5th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $49.25.

Shares of NASDAQ PRGS traded up $1.39 during trading hours on Wednesday, hitting $40.09. 5,205 shares of the stock were exchanged, compared to its average volume of 282,326. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $1.75 billion, a P/E ratio of 18.83 and a beta of 0.76. The firm’s fifty day simple moving average is $41.54. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 EPS for the quarter, topping the consensus estimate of $0.48 by $0.17. The firm had revenue of $103.48 million during the quarter, compared to analyst estimates of $98.20 million. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. Progress Software’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 EPS. Research analysts predict that Progress Software will post 2.16 EPS for the current year.

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew 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 last quarter. 1492 Capital Management LLC purchased a new stake in Progress Software during the 1st quarter worth approximately $228,000. Convergence Investment Partners LLC purchased a new stake in Progress Software during the 1st quarter worth approximately $399,000. Oregon Public Employees Retirement Fund grew its position in Progress Software by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,391 shares of the software maker’s stock worth $772,000 after purchasing an additional 314 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Progress Software by 0.3% during the 1st quarter. Parametric Portfolio Associates LLC now owns 187,564 shares of the software maker’s stock worth $8,322,000 after purchasing an additional 595 shares during the last quarter. 91.13% of the stock is currently 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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