Progress Software Corporation (PRGS) is Reiterated by Wedbush to Neutral, Raises Price Target to $ 24

Progress Software Corporation (PRGS) was Reiterated by Wedbush to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 24 from a previous price target of $22 . Wedbush advised their investors in a research report released on Jun 24, 2016.

On the company’s financial health, Progress Software Corporation reported $0.27 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Mar 30, 2016. Analyst had a consensus of $0.29. The company had revenue of $90.20 million for the quarter, compared to analysts expectations of $93.10 million. The company’s revenue was down -5.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.29 EPS.

Progress Software Corporation opened for trading at $26.24 and hit $26.534 on the upside on Tuesday, eventually ending the session at $26.46, with a gain of 0.99% or 0.26 points. The heightened volatility saw the trading volume jump to 1,40,301 shares. Company has a market cap of $1,331 M.

In a different news, on Jun 14, 2016, Ram Gupta (director) sold 4,764 shares at $26.35 per share price. According to the SEC, on May 11, 2016, Barry N Bycoff (director) sold 5,664 shares at $25.27 per share price. On Apr 29, 2016, Michael Mark (director) sold 7,705 shares at $26.13 per share price, according to the Form-4 filing with the securities and exchange commission.

Progress Software Corporation is a global software company that simplifies the development deployment and management of business applications. The Company’s products provide solutions for rapid application development broad data integration and efficient data analysis. The Company has three business units which include OpenEdge Data Connectivity and Integration and Application Development and Deployment. The solutions within the OpenEdge Business Unit include Progress OpenEdge and Progress Corticon. The solutions within the DCI Business Unit include Progress DataDirect Connect Progress DataDirect Cloud and Progress Easyl. The solutions within the AppDev Business Unit include Progress Pacific Progress Rollbase Modulus Telerik Dev Tools Telerik Dev Cloud Telerik Platform Telerik ALM and Telerik Sitefinity.

Progress Software Corporation

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