361 Capital LLC Purchases New Position in Progress Software Corporation (PRGS)

361 Capital LLC purchased a new position in shares of Progress Software Corporation (NASDAQ:PRGS) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 62,825 shares of the software maker’s stock, valued at approximately $2,398,000. 361 Capital LLC owned about 0.13% of Progress Software Corporation as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC lifted its position in Progress Software Corporation by 76.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after acquiring an additional 1,530 shares during the period. Public Employees Retirement System of Ohio lifted its position in Progress Software Corporation by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock worth $152,000 after acquiring an additional 44 shares during the period. Amalgamated Bank acquired a new stake in Progress Software Corporation during the 2nd quarter worth approximately $206,000. ETRADE Capital Management LLC acquired a new stake in Progress Software Corporation during the 2nd quarter worth approximately $213,000. Finally, Koch Industries Inc. acquired a new stake in Progress Software Corporation during the 2nd quarter worth approximately $223,000. Hedge funds and other institutional investors own 93.10% of the company’s stock.

A number of research firms have weighed in on PRGS. Zacks Investment Research cut Progress Software Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Benchmark Co. reissued a “buy” rating and issued a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. BidaskClub raised Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, Wedbush reissued a “neutral” rating and issued a $32.00 price target on shares of Progress Software Corporation in a report on Monday, September 18th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $37.50.

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Progress Software Corporation (NASDAQ:PRGS) traded up $0.61 on Friday, hitting $41.41. The stock had a trading volume of 354,500 shares, compared to its average volume of 359,773. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1,950.56, a PE ratio of 24.88 and a beta of 0.66. Progress Software Corporation has a 1-year low of $27.16 and a 1-year high of $42.97.

Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, beating the consensus estimate of $0.40 by $0.08. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. The business had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. During the same period last year, the firm earned $0.44 EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. sell-side analysts expect that Progress Software Corporation will post 1.65 EPS for the current fiscal year.

Progress Software Corporation declared that its board has authorized a stock repurchase plan on Wednesday, September 27th that permits the company to repurchase $159.00 million in shares. This repurchase authorization permits the software maker to purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.14 dividend. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software Corporation’s dividend payout ratio (DPR) is presently -45.87%.

Progress Software Corporation Profile

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

Institutional Ownership by Quarter for Progress Software Corporation (NASDAQ:PRGS)

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