Progress Software (NASDAQ:PRGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $43.00 price target on the software maker’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.79% from the stock’s previous close.
According to Zacks, “Progress offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. “
Several other research firms have also weighed in on PRGS. Benchmark reissued a “buy” rating on shares of Progress Software in a research report on Friday, September 27th. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Monday. National Securities set a $50.00 target price on Progress Software and gave the stock a “buy” rating in a research report on Friday, June 28th. BidaskClub raised Progress Software from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Progress Software in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Progress Software currently has an average rating of “Buy” and a consensus target price of $48.50.
Progress Software (NASDAQ:PRGS) last announced its earnings results on Thursday, September 26th. The software maker reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The business had revenue of $115.52 million during the quarter, compared to the consensus estimate of $110.83 million. During the same period in the prior year, the business posted $0.60 earnings per share. Progress Software’s revenue was up 24.6% compared to the same quarter last year. As a group, research analysts anticipate that Progress Software will post 2.22 EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace North America L.P. acquired a new position in shares of Progress Software during the 1st quarter valued at about $28,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $38,000. Ropes Wealth Advisors LLC bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $44,000. Royal Bank of Canada lifted its position in shares of Progress Software by 30.9% in the 2nd quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after acquiring an additional 314 shares during the period. Finally, Advisors Preferred LLC bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $114,000. 92.64% of the stock is currently 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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