Tensile Capital Management LLC lifted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 501,401 shares of the software maker’s stock after buying an additional 1,300 shares during the quarter. Progress Software makes up 3.6% of Tensile Capital Management LLC’s investment portfolio, making the stock its 14th largest position. Tensile Capital Management LLC owned about 1.08% of Progress Software worth $21,345,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its holdings in Progress Software by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares during the period. Hartford Investment Management Co. acquired a new position in Progress Software during the third quarter valued at approximately $286,000. Vident Investment Advisory LLC acquired a new position in Progress Software during the third quarter valued at approximately $338,000. Meeder Asset Management Inc. lifted its position in Progress Software by 392.2% during the fourth quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock valued at $341,000 after buying an additional 6,404 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in Progress Software during the fourth quarter valued at approximately $356,000. Institutional investors and hedge funds own 94.26% of the company’s stock.
Shares of NASDAQ:PRGS traded down $1.13 during midday trading on Friday, reaching $37.66. The company had a trading volume of 417,217 shares, compared to its average volume of 674,636. The company has a current ratio of 1.17, a quick ratio of 1.27 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1,795.89, a PE ratio of 21.90 and a beta of 0.88. Progress Software Co. has a one year low of $28.63 and a one year high of $53.60.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.07. The business had revenue of $94.19 million during the quarter, compared to analyst estimates of $92.47 million. Progress Software had a net margin of 12.69% and a return on equity of 23.37%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.34 earnings per share. equities research analysts forecast that Progress Software Co. will post 2.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.49%. Progress Software’s dividend payout ratio (DPR) is presently 32.56%.
A number of research analysts have recently commented on PRGS shares. BidaskClub cut shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, March 8th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $60.00 target price on the stock in a research report on Thursday, January 18th. Benchmark cut shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Thursday, March 8th. Wedbush reissued a “neutral” rating and set a $42.00 target price on shares of Progress Software in a research report on Thursday, March 29th. Finally, ValuEngine cut shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $49.67.
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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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