Progress Software Co. (NASDAQ:PRGS) saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 1,919,420 shares traded hands during trading, an increase of 244% from the previous session’s volume of 558,715 shares.The stock last traded at $50.55 and had previously closed at $43.67.
The software maker reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 11.42% and a net margin of 11.48%. The firm had revenue of $116.30 million for the quarter, compared to analysts’ expectations of $114.33 million. During the same quarter in the previous year, the company earned $0.62 earnings per share. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.56 annualized dividend and a yield of 1.11%. Progress Software’s payout ratio is 72.73%.
Several brokerages recently commented on PRGS. Benchmark reissued a “buy” rating and set a $47.00 target price (up previously from $42.00) on shares of Progress Software in a report on Tuesday, January 2nd. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, September 23rd. Wedbush reissued a “neutral” rating and set a $32.00 target price on shares of Progress Software in a report on Monday, September 18th. Finally, ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $40.33.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC increased its holdings in shares of Progress Software by 76.5% in the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after buying an additional 1,530 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Progress Software by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after buying an additional 44 shares in the last quarter. Amalgamated Bank bought a new position in shares of Progress Software in the second quarter valued at $206,000. ETRADE Capital Management LLC bought a new position in shares of Progress Software in the second quarter valued at $213,000. Finally, Koch Industries Inc. bought a new position in shares of Progress Software in the second quarter valued at $223,000. 93.64% of the stock is currently owned by institutional investors.
The stock has a market cap of $2,420.00, a price-to-earnings ratio of 65.65 and a beta of 0.65. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.27.
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Progress Software Company Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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