Progress Software Co. (NASDAQ:PRGS – Get Rating) has received an average rating of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $55.00.
Several brokerages have commented on PRGS. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a report on Tuesday, January 25th. Citigroup lowered their price objective on shares of Progress Software from $50.00 to $48.00 in a report on Wednesday, January 19th. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Friday, February 25th.
PRGS traded up $0.30 during midday trading on Friday, hitting $43.85. 300,546 shares of the company were exchanged, compared to its average volume of 341,826. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.30. The firm’s 50 day moving average price is $44.98 and its 200-day moving average price is $47.54. The firm has a market capitalization of $1.94 billion, a P/E ratio of 25.06, a P/E/G ratio of 6.48 and a beta of 1.15. Progress Software has a 1-year low of $41.06 and a 1-year high of $53.99.
Progress Software (NASDAQ:PRGS – Get Rating) last issued its quarterly earnings data on Tuesday, January 18th. The software maker reported $0.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.16. Progress Software had a net margin of 14.76% and a return on equity of 39.12%. The business had revenue of $143.73 million during the quarter, compared to analyst estimates of $136.12 million. On average, sell-side analysts predict that Progress Software will post 3.42 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 15th. Shareholders of record on Tuesday, March 1st will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Monday, February 28th. Progress Software’s dividend payout ratio is 40.00%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace North America L.P. bought a new stake in shares of Progress Software during the first quarter valued at approximately $28,000. FNY Investment Advisers LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $62,000. Lazard Asset Management LLC increased its position in shares of Progress Software by 20.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker’s stock valued at $68,000 after acquiring an additional 241 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in shares of Progress Software during the third quarter valued at approximately $77,000. Finally, Penserra Capital Management LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $84,000. 99.56% of the stock is owned by institutional investors and hedge funds.
Progress Software Company Profile (Get Rating)
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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