Benchmark Upgrades Progress Software (NASDAQ:PRGS) to “Buy”

Progress Software (NASDAQ:PRGS) was upgraded by analysts at Benchmark from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat reports. The firm currently has a $49.00 price objective on the software maker’s stock. Benchmark’s price objective indicates a potential upside of 17.73% from the stock’s current price.

PRGS has been the subject of several other reports. National Securities set a $50.00 target price on Progress Software and gave the stock a “buy” rating in a research note on Friday, June 28th. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Wedbush restated a “buy” rating and set a $36.00 target price on shares of Allena Pharmaceuticals in a research note on Tuesday, July 2nd. ValuEngine cut Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Finally, Zacks Investment Research upgraded SCHNEIDER ELEC /ADR from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, July 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $47.25.

NASDAQ:PRGS traded down $0.41 during trading hours on Wednesday, reaching $41.62. 41,832 shares of the company were exchanged, compared to its average volume of 424,420. The firm has a market capitalization of $1.90 billion, a P/E ratio of 19.54 and a beta of 0.77. Progress Software has a 1-year low of $30.23 and a 1-year high of $47.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day moving average of $41.29.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.17. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The business had revenue of $103.48 million for the quarter, compared to the consensus estimate of $98.20 million. During the same quarter in the prior year, the business posted $0.60 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Progress Software will post 2.16 EPS for the current year.

In other news, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $45.50, for a total value of $591,454.50. Following the completion of the transaction, the insider now directly owns 31,948 shares in the company, valued at approximately $1,453,634. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anthony Murphy sold 932 shares of the stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $45.99, for a total value of $42,862.68. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Progress Software by 0.3% in the 1st quarter. BlackRock Inc. now owns 6,614,170 shares of the software maker’s stock valued at $293,471,000 after buying an additional 21,168 shares during the period. Norges Bank acquired a new stake in shares of Progress Software in the 4th quarter valued at about $38,458,000. Bank of America Corp DE grew its stake in shares of Progress Software by 202.0% in the 4th quarter. Bank of America Corp DE now owns 837,693 shares of the software maker’s stock valued at $29,729,000 after buying an additional 560,343 shares during the period. JPMorgan Chase & Co. lifted its position in Progress Software by 10.3% in the 1st quarter. JPMorgan Chase & Co. now owns 826,455 shares of the software maker’s stock valued at $36,670,000 after acquiring an additional 77,091 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Progress Software by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 769,370 shares of the software maker’s stock valued at $27,305,000 after acquiring an additional 10,148 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

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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