O Shares Investment Advisers LLC trimmed its position in Progress Software Corp (NASDAQ:PRGS) by 10.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 13,997 shares of the software maker’s stock after selling 1,606 shares during the period. O Shares Investment Advisers LLC’s holdings in Progress Software were worth $621,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PRGS. Oregon Public Employees Retirement Fund acquired a new position in shares of Progress Software during the 4th quarter worth about $606,000. Great West Life Assurance Co. Can raised its stake in shares of Progress Software by 4.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 58,808 shares of the software maker’s stock worth $1,926,000 after buying an additional 2,661 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Progress Software by 11.3% during the 4th quarter. Prudential Financial Inc. now owns 644,191 shares of the software maker’s stock worth $22,862,000 after buying an additional 65,237 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Progress Software by 77.4% in the 4th quarter. Citigroup Inc. now owns 38,538 shares of the software maker’s stock worth $1,368,000 after acquiring an additional 16,820 shares during the period. Finally, Stone Ridge Asset Management LLC grew its holdings in shares of Progress Software by 58.5% in the 4th quarter. Stone Ridge Asset Management LLC now owns 23,367 shares of the software maker’s stock worth $829,000 after acquiring an additional 8,623 shares during the period. 91.53% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on PRGS. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 target price on the stock in a report on Thursday, April 4th. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd. Finally, Wedbush increased their target price on Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, March 29th. Four research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $43.00.
In other news, Director John R. Egan sold 45,000 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the sale, the director now directly owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $45.50, for a total transaction of $591,454.50. Following the completion of the transaction, the insider now owns 31,948 shares in the company, valued at $1,453,634. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,695 shares of company stock worth $3,918,650. 1.70% of the stock is currently owned by corporate insiders.
PRGS stock traded up $0.59 during midday trading on Wednesday, reaching $41.66. The company had a trading volume of 5,414 shares, compared to its average volume of 452,558. The company has a market cap of $1.83 billion, a P/E ratio of 19.48 and a beta of 0.78. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.35. Progress Software Corp has a fifty-two week low of $30.23 and a fifty-two week high of $47.60.
Progress Software (NASDAQ:PRGS) last announced its earnings results on Thursday, March 28th. The software maker reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.08). Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The firm had revenue of $89.50 million for the quarter, compared to the consensus estimate of $87.64 million. During the same period in the previous year, the firm earned $0.54 EPS. Progress Software’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts expect that Progress Software Corp will post 2.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Friday, May 31st. Progress Software’s dividend payout ratio is currently 29.11%.
About Progress Software
Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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