Benchmark Boosts Progress Software (NASDAQ:PRGS) Price Target to $43.00

Progress Software (NASDAQ:PRGS) had its price objective hoisted by investment analysts at Benchmark from $39.00 to $43.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Benchmark’s price objective points to a potential upside of 11.63% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Wedbush lowered their price target on Progress Software from $58.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, March 27th. BidaskClub cut Progress Software from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine upgraded Progress Software from a “sell” rating to a “hold” rating in a research note on Friday, March 13th. TheStreet upgraded Progress Software from a “c+” rating to a “b” rating in a research note on Tuesday, May 5th. Finally, Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $46.60.

PRGS stock traded up $0.71 during trading on Friday, reaching $38.52. 99,962 shares of the company traded hands, compared to its average volume of 286,019. Progress Software has a 12 month low of $28.09 and a 12 month high of $52.50. The business has a 50 day simple moving average of $38.82 and a 200 day simple moving average of $39.62. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 47.19 and a beta of 1.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.19 and a current ratio of 1.19.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 25th. The software maker reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Progress Software had a net margin of 8.79% and a return on equity of 35.31%. The company had revenue of $102.51 million for the quarter, compared to the consensus estimate of $99.17 million. During the same period in the previous year, the business earned $0.65 EPS. Progress Software’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, research analysts forecast that Progress Software will post 2.38 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace North America L.P. purchased a new stake in Progress Software during the 1st quarter valued at approximately $28,000. Point72 Hong Kong Ltd purchased a new position in Progress Software in the 4th quarter valued at approximately $33,000. Private Capital Group LLC increased its stake in Progress Software by 71.7% in the 1st quarter. Private Capital Group LLC now owns 924 shares of the software maker’s stock valued at $30,000 after purchasing an additional 386 shares in the last quarter. Advisor Group Holdings Inc. purchased a new position in Progress Software in the 1st quarter valued at approximately $48,000. Finally, PNC Financial Services Group Inc. increased its stake in Progress Software by 36.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,590 shares of the software maker’s stock valued at $109,000 after purchasing an additional 696 shares in the last quarter. 93.74% of the stock is owned by hedge funds and other institutional investors.

Progress Software Company Profile

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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