Alpha Windward LLC Sells 2,100 Shares of Progress Software Co. (PRGS)

Alpha Windward LLC decreased its position in Progress Software Co. (NASDAQ:PRGS) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,120 shares of the software maker’s stock after selling 2,100 shares during the period. Alpha Windward LLC’s holdings in Progress Software were worth $516,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PRGS. Numeric Investors LLC raised its holdings in Progress Software by 2,170.2% in the 2nd quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock valued at $34,829,000 after acquiring an additional 1,077,842 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Progress Software by 210.1% in the 2nd quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock valued at $14,176,000 after acquiring an additional 310,900 shares in the last quarter. RWC Asset Management LLP acquired a new position in Progress Software in the 3rd quarter valued at approximately $11,451,000. Prudential Financial Inc. raised its holdings in Progress Software by 149.5% in the 3rd quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock valued at $18,513,000 after acquiring an additional 290,630 shares in the last quarter. Finally, Koch Industries Inc. acquired a new position in Progress Software in the 2nd quarter valued at approximately $223,000. 93.64% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have commented on the company. Zacks Investment Research raised Progress Software from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $47.00 price target (up previously from $42.00) on shares of Progress Software in a report on Tuesday, January 2nd. Finally, ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Progress Software has an average rating of “Buy” and an average target price of $46.33.

Shares of Progress Software Co. (NASDAQ PRGS) opened at $51.30 on Friday. Progress Software Co. has a 12 month low of $27.44 and a 12 month high of $53.60. The firm has a market capitalization of $2,503.22, a P/E ratio of 66.62 and a beta of 0.65. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.31.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The company had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. During the same period in the prior year, the company posted $0.62 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. sell-side analysts predict that Progress Software Co. will post 1.95 earnings per share for the current year.

Progress Software announced that its board has authorized a stock repurchase plan on Wednesday, September 27th that authorizes the company to repurchase $159.00 million in outstanding shares. This repurchase authorization authorizes the software maker to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.56 annualized dividend and a dividend yield of 1.09%. Progress Software’s dividend payout ratio is currently 72.73%.

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Progress Software Company 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.

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

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