Progress Software (NASDAQ:PRGS) Downgraded by BidaskClub to Buy

BidaskClub downgraded shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research note published on Wednesday, June 26th, BidAskClub reports.

PRGS has been the subject of a number of other reports. ValuEngine downgraded shares of Intersect ENT from a buy rating to a hold rating in a research report on Monday, June 3rd. Wedbush lifted their price target on shares of Progress Software from $36.00 to $42.00 and gave the company a neutral rating in a research report on Friday, March 29th. Finally, Zacks Investment Research raised shares of Icon from a hold rating to a buy rating and set a $157.00 price objective on the stock in a research note on Thursday, May 30th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $47.25.

PRGS stock traded down $0.42 during trading hours on Wednesday, reaching $42.03. 212,530 shares of the stock were exchanged, compared to its average volume of 439,007. The firm’s 50-day simple moving average is $41.30. The company has a market cap of $1.81 billion, a P/E ratio of 19.68 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.00 and a current ratio of 1.00. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60.

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

In other Progress Software news, insider Dimitre Taslakov sold 12,999 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $45.50, for a total transaction of $591,454.50. Following the sale, the insider now owns 31,948 shares of the company’s stock, valued at $1,453,634. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anthony Murphy sold 932 shares of the business’s stock in a transaction 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. Insiders own 1.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Montreal Can grew its holdings in Progress Software by 6.7% in the fourth quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock valued at $168,000 after purchasing an additional 297 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Progress Software by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 19,103 shares of the software maker’s stock valued at $678,000 after purchasing an additional 1,593 shares during the last quarter. Oregon Public Employees Retirement Fund acquired a new stake in Progress Software in the fourth quarter valued at $606,000. Piedmont Investment Advisors Inc. boosted its stake in shares of Progress Software by 2.9% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 10,820 shares of the software maker’s stock valued at $384,000 after acquiring an additional 309 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Progress Software by 11.3% during the fourth quarter. Prudential Financial Inc. now owns 644,191 shares of the software maker’s stock valued at $22,862,000 after acquiring an additional 65,237 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

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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