Strs Ohio decreased its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 10.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,900 shares of the software maker’s stock after selling 3,100 shares during the period. Strs Ohio’s holdings in Progress Software were worth $949,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Xact Kapitalforvaltning AB lifted its position in Progress Software by 27.2% during the 1st quarter. Xact Kapitalforvaltning AB now owns 7,016 shares of the software maker’s stock worth $270,000 after buying an additional 1,500 shares in the last quarter. California Public Employees Retirement System lifted its position in Progress Software by 3.1% during the 1st quarter. California Public Employees Retirement System now owns 56,273 shares of the software maker’s stock valued at $2,164,000 after purchasing an additional 1,671 shares during the period. Smith Asset Management Group LP lifted its position in Progress Software by 3.3% during the 2nd quarter. Smith Asset Management Group LP now owns 63,673 shares of the software maker’s stock valued at $2,472,000 after purchasing an additional 2,020 shares during the period. BlueMountain Capital Management LLC lifted its position in Progress Software by 9.0% during the 2nd quarter. BlueMountain Capital Management LLC now owns 24,588 shares of the software maker’s stock valued at $955,000 after purchasing an additional 2,030 shares during the period. Finally, Trexquant Investment LP lifted its position in Progress Software by 8.3% during the 2nd quarter. Trexquant Investment LP now owns 38,870 shares of the software maker’s stock valued at $1,509,000 after purchasing an additional 2,979 shares during the period. Institutional investors and hedge funds own 93.26% of the company’s stock.
PRGS has been the topic of a number of research reports. ValuEngine downgraded shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research report on Thursday, October 4th. Finally, National Securities initiated coverage on shares of Progress Software in a research report on Monday, July 16th. They set a “buy” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $40.00.
Progress Software stock opened at $32.21 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. Progress Software Corp has a 1 year low of $30.23 and a 1 year high of $53.60. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 18.73 and a beta of 0.88.
Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The company had revenue of $95.79 million for the quarter, compared to the consensus estimate of $96.98 million. During the same period in the prior year, the company posted $0.48 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. On average, analysts forecast that Progress Software Corp will post 2.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Progress Software’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Friday, November 30th. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.
In related news, insider Dimitre Taslakov sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the sale, the insider now directly owns 43,431 shares in the company, valued at approximately $1,520,085. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.
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.
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