Prudential Financial Inc. increased its position in Progress Software Corp. (NASDAQ:PRGS) by 0.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 281,333 shares of the company’s stock after buying an additional 580 shares during the period. Prudential Financial Inc. owned approximately 0.58% of Progress Software Corp. worth $7,725,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PRGS. Emerald Acquisition Ltd. bought a new stake in shares of Progress Software Corp. during the second quarter worth about $6,526,000. JPMorgan Chase & Co. boosted its stake in shares of Progress Software Corp. by 77.8% in the second quarter. JPMorgan Chase & Co. now owns 329,587 shares of the company’s stock worth $9,051,000 after buying an additional 144,253 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Progress Software Corp. by 33.0% in the first quarter. Renaissance Technologies LLC now owns 537,011 shares of the company’s stock worth $12,953,000 after buying an additional 133,100 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Progress Software Corp. by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,074,052 shares of the company’s stock worth $56,949,000 after buying an additional 123,197 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Progress Software Corp. by 9.9% in the second quarter. Fisher Asset Management LLC now owns 846,210 shares of the company’s stock worth $24,565,000 after buying an additional 75,942 shares in the last quarter. Institutional investors own 92.65% of the company’s stock.
Shares of Progress Software Corp. (NASDAQ:PRGS) opened at 27.33 on Friday. The stock’s 50 day moving average price is $28.27 and its 200 day moving average price is $27.04. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 158.90 and a beta of 1.14. Progress Software Corp. has a 12-month low of $22.01 and a 12-month high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The company had revenue of $102 million for the quarter, compared to analysts’ expectations of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts expect that Progress Software Corp. will post $1.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 annualized dividend and a dividend yield of 1.83%.
A number of research firms recently weighed in on PRGS. TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a research note on Sunday, July 3rd. Zacks Investment Research cut Progress Software Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday. Wedbush increased their price target on Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, June 24th. Finally, Ladenburg Thalmann cut Progress Software Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $28.38.
In related news, CAO Paul A. Jalbert sold 21,041 shares of Progress Software Corp. stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $28.93, for a total transaction of $608,716.13. Following the transaction, the chief accounting officer now owns 22,125 shares of the company’s stock, valued at $640,076.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of Progress Software Corp. stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $28.11, for a total value of $25,299,000.00. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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