Progress Software Corporation (PRGS) is Downgraded by Ladenburg Thalmann to Neutral

Progress Software Corporation (PRGS) was Downgraded by Ladenburg Thalmann to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Ladenburg Thalmann advised their investors in a research report released on Sep 13, 2016.

Many Wall Street Analysts have commented on Progress Software Corporation. Company shares were Reiterated by Wedbush on Jun 24, 2016 to “Neutral”, Firm has raised the Price Target to $ 24 from a previous price target of $22 .

On the company’s financial health, Progress Software Corporation reported $0.33 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jun 29, 2016. Analyst had a consensus of $0.29. The company had revenue of $96.10 million for the quarter, compared to analysts expectations of $94.63 million. The company’s revenue was down -4.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.35 EPS.

Progress Software Corporation opened for trading at $28.17 and hit $28.91 on the upside on Monday, eventually ending the session at $28.85, with a gain of 1.73% or 0.49 points. The heightened volatility saw the trading volume jump to 381,231 shares. Company has a market cap of $1,399 M.

In a different news, on Jul 12, 2016, Paul A Jalbert (Chief Accounting Officer) sold 21,041 shares at $28.92 per share price. According to the SEC, on Jun 14, 2016, Ram Gupta (director) sold 4,764 shares at $26.35 per share price. On May 11, 2016, Barry N Bycoff (director) sold 5,664 shares at $25.27 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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