Wedbush Raises Progress Software (PRGS) Price Target to $42.00

Progress Software (NASDAQ:PRGS) had its price objective raised by research analysts at Wedbush from $36.00 to $42.00 in a report released on Friday, March 29th, RTT News reports. The firm currently has a “neutral” rating on the software maker’s stock. Wedbush’s price objective indicates a potential downside of 5.94% from the company’s current price.

A number of other equities research analysts have also commented on PRGS. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, November 29th. ValuEngine upgraded shares of Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, December 6th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $43.00.

PRGS stock traded down $0.65 during midday trading on Friday, reaching $44.65. The company had a trading volume of 439,346 shares, compared to its average volume of 695,229. Progress Software has a 1 year low of $30.23 and a 1 year high of $47.60. The stock has a market cap of $1.99 billion, a PE ratio of 20.96 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 1.18.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.08). Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The business had revenue of $89.50 million during the quarter, compared to analysts’ expectations of $87.64 million. During the same period last year, the company posted $0.54 EPS. Progress Software’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, research analysts expect that Progress Software will post 2.09 EPS for the current fiscal year.

In related news, Director John R. Egan sold 20,000 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the completion of the transaction, the director now directly owns 73,206 shares in the company, valued at approximately $3,312,571.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John R. Egan sold 45,000 shares of the stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the completion of the transaction, the director now owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The disclosure for this sale can be found here. Insiders sold a total of 72,764 shares of company stock valued at $3,284,333 over the last 90 days. Company insiders own 1.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors grew its position in Progress Software by 162.4% during the 4th quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after purchasing an additional 614 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Progress Software by 34.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after purchasing an additional 438 shares during the last quarter. Bank of Montreal Can grew its position in Progress Software by 6.7% during the 4th 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. Pacer Advisors Inc. grew its position in Progress Software by 189.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock valued at $218,000 after purchasing an additional 4,047 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Progress Software during the 4th quarter valued at about $248,000. 96.56% of the stock is currently owned by 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.

Further Reading: How is diluted EPS different from basic EPS?

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