Progress Software Corporation (PRGS) on Focus After Trading At 52-Week Highs

September 17, 2017 - By Dolores Ford

Investors sentiment decreased to 0.87 in 2016 Q4. Its down 0.47, from 1.34 in 2016Q3. It turned negative, as 28 investors sold Progress Software Corporation shares while 56 reduced holdings. 24 funds opened positions while 49 raised stakes. 43.93 million shares or 0.26% less from 44.05 million shares in 2016Q3 were reported.
Thrivent Fincl For Lutherans has 204,517 shares. Moreover, Renaissance Tech Limited Liability Corporation has 0.01% invested in Progress Software Corporation (NASDAQ:PRGS). Stanley invested in 0.17% or 16,888 shares. Cullinan Assoc accumulated 0.05% or 18,850 shares. Teachers Retirement Sys Of The State Of Kentucky accumulated 17,200 shares. Heartland Advisors has invested 0.72% in Progress Software Corporation (NASDAQ:PRGS). Eaton Vance Mngmt stated it has 0.01% of its portfolio in Progress Software Corporation (NASDAQ:PRGS). Retirement System Of Alabama reported 132,273 shares. Savings Bank Of America De has invested 0% of its portfolio in Progress Software Corporation (NASDAQ:PRGS). Strs Ohio, a Ohio-based fund reported 33,800 shares. Prelude Limited Liability accumulated 8,800 shares. Pine River Cap Management L P owns 16,999 shares. Blackrock Group Limited has invested 0% of its portfolio in Progress Software Corporation (NASDAQ:PRGS). Great West Life Assurance Can reported 64,826 shares. Paradigm Asset Management Co Lc reported 0% of its portfolio in Progress Software Corporation (NASDAQ:PRGS).

The stock of Progress Software Corporation (NASDAQ:PRGS) hit a new 52-week high and has $38.80 target or 4.00 % above today’s $37.31 share price. The 8 months bullish chart indicates low risk for the $1.80B company. The 1-year high was reported on Sep, 17 by Barchart.com. If the $38.80 price target is reached, the company will be worth $72.00 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 0.95% or $0.35 on September 15, reaching $37.31. About 1.61 million shares traded or 296.86% up from the average. Progress Software Corporation (NASDAQ:PRGS) has risen 15.05% since September 17, 2016 and is uptrending. It has underperformed by 1.65% the S&P500.

Analysts expect Progress Software Corporation (NASDAQ:PRGS) to report $0.36 EPS on September, 27 after the close.They anticipate $0.04 EPS change or 12.50 % from last quarter’s $0.32 EPS. PRGS’s profit would be $17.37 million giving it 25.91 P/E if the $0.36 EPS is correct. After having $0.37 EPS previously, Progress Software Corporation’s analysts see -2.70 % EPS growth.

Progress Software Corporation (NASDAQ:PRGS) Ratings Coverage

Among 3 analysts covering Progress Software Corporation (NASDAQ:PRGS), 1 have Buy rating, 0 Sell and 2 Hold. Therefore 33% are positive. Progress Software Corporation had 8 analyst reports since October 2, 2015 according to SRatingsIntel. Wedbush maintained Progress Software Corporation (NASDAQ:PRGS) on Friday, June 24 with “Neutral” rating. The company was maintained on Friday, October 2 by Wedbush. The rating was maintained by Benchmark on Friday, January 15 with “Buy”. The stock has “Neutral” rating by Wedbush on Wednesday, January 18. The firm has “Neutral” rating given on Tuesday, September 13 by Ladenburg Thalmann. The stock of Progress Software Corporation (NASDAQ:PRGS) has “Buy” rating given on Wednesday, January 18 by Benchmark. As per Monday, January 18, the company rating was maintained by Benchmark.

More notable recent Progress Software Corporation (NASDAQ:PRGS) news were published by: Seekingalpha.com which released: “Progress Acquires Kinvey For Cognitive App Backend System” on June 29, 2017, also Nasdaq.com with their article: “Progress Software Corporation (PRGS) Ex-Dividend Date Scheduled for May 30, 2017” published on May 26, 2017, Seekingalpha.com published: “Progress Software’s (PRGS) CEO Yogesh Gupta on Q2 2017 Results – Earnings Call …” on June 29, 2017. More interesting news about Progress Software Corporation (NASDAQ:PRGS) were released by: Benzinga.com and their article: “Mid-Morning Market Update: Markets Open Higher; Progress Software Reports …” published on September 12, 2017 as well as Seekingalpha.com‘s news article titled: “Progress Acquires DataRPM For Cognitive Business Software” with publication date: April 10, 2017.

Progress Software Corporation is engaged in application development. The company has market cap of $1.80 billion. The Firm operates through three divisions: OpenEdge, Data Connectivity and Integration , and Application Development and Deployment (AppDev). It currently has negative earnings. The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

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