First Trust Advisors LP trimmed its stake in Progress Software Corp (NASDAQ:PRGS) by 38.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,411 shares of the software maker’s stock after selling 19,391 shares during the period. First Trust Advisors LP owned 0.07% of Progress Software worth $1,181,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of PRGS. Millennium Management LLC lifted its position in shares of Progress Software by 137.8% in the 1st quarter. Millennium Management LLC now owns 760,774 shares of the software maker’s stock worth $29,252,000 after purchasing an additional 440,828 shares during the period. Fisher Asset Management LLC increased its stake in shares of Progress Software by 38.7% in the 2nd quarter. Fisher Asset Management LLC now owns 1,227,209 shares of the software maker’s stock worth $47,640,000 after acquiring an additional 342,160 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Progress Software by 29.8% in the 2nd quarter. Acadian Asset Management LLC now owns 975,703 shares of the software maker’s stock worth $37,878,000 after acquiring an additional 223,756 shares in the last quarter. TD Asset Management Inc. increased its stake in shares of Progress Software by 246.2% in the 2nd quarter. TD Asset Management Inc. now owns 296,700 shares of the software maker’s stock worth $11,518,000 after acquiring an additional 211,000 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Progress Software by 298.2% in the 1st quarter. Allianz Asset Management GmbH now owns 230,088 shares of the software maker’s stock worth $8,847,000 after acquiring an additional 172,313 shares in the last quarter. 92.00% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on PRGS. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. National Securities began coverage on shares of Progress Software in a research note on Monday, July 16th. They issued a “buy” rating and a $50.00 price target for the company. Wedbush increased their price target on shares of Progress Software from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, June 28th. Finally, Benchmark upgraded shares of Progress Software from a “sell” rating to a “hold” rating and set a $29.00 price target for the company in a research note on Thursday, June 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Progress Software currently has an average rating of “Hold” and an average price target of $41.00.
Shares of Progress Software stock opened at $42.55 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $1.92 billion, a P/E ratio of 24.74 and a beta of 0.80. Progress Software Corp has a 1 year low of $34.72 and a 1 year high of $53.60.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, June 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The company had revenue of $96.10 million during the quarter, compared to analyst estimates of $95.03 million. Progress Software had a net margin of 13.86% and a return on equity of 26.14%. Progress Software’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the business earned $0.42 EPS. equities research analysts expect that Progress Software Corp will post 2.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Monday, September 3rd will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.32%. Progress Software’s dividend payout ratio is currently 32.56%.
Progress Software Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
Recommended Story: What are CEFs?
Want to see what other hedge funds are holding PRGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progress Software Corp (NASDAQ:PRGS).
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.