Progress Software Corp (NASDAQ:PRGS) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 599,400 shares, a decline of 37.7% from the August 15th total of 962,500 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 319,500 shares, the short-interest ratio is presently 1.9 days.
NASDAQ PRGS opened at $35.00 on Tuesday. The stock has a fifty day simple moving average of $36.46 and a 200-day simple moving average of $36.63. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.57 billion, a PE ratio of 34.31 and a beta of 1.03. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50.
Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, June 25th. The software maker reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.01). The company had revenue of $102.51 million during the quarter, compared to analyst estimates of $99.17 million. Progress Software had a net margin of 10.81% and a return on equity of 34.66%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 EPS. Research analysts predict that Progress Software will post 2.54 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.165 per share. The ex-dividend date is Monday, August 31st. This represents a $0.66 annualized dividend and a dividend yield of 1.89%. Progress Software’s dividend payout ratio is currently 28.82%.
A number of brokerages have issued reports on PRGS. Wedbush reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Progress Software in a research note on Wednesday, August 26th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective for the company in a report on Friday. ValuEngine downgraded shares of Progress Software from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. Benchmark boosted their target price on shares of Progress Software from $39.00 to $43.00 and gave the company a “buy” rating in a report on Friday, June 26th. Finally, BidaskClub downgraded shares of Progress Software from a “sell” rating to a “strong sell” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Progress Software presently has an average rating of “Buy” and a consensus price target of $45.75.
Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace North America L.P. purchased a new stake in shares of Progress Software in the 1st quarter valued at $28,000. Private Capital Group LLC grew its position 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 acquiring an additional 386 shares in the last quarter. Advisor Group Holdings Inc. purchased a new stake in Progress Software during the first quarter worth about $48,000. DekaBank Deutsche Girozentrale purchased a new stake in Progress Software during the second quarter worth about $69,000. Finally, Advisors Asset Management Inc. acquired a new stake in shares of Progress Software during the second quarter worth about $107,000. 92.88% of the stock is owned by institutional investors and hedge funds.
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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