Swift Run Capital Management LLC acquired a new stake in shares of Progress Software Corp. (NASDAQ:PRGS) during the second quarter, Holdings Channel reports. The firm acquired 10,000 shares of the company’s stock, valued at approximately $275,000.
Other institutional investors have also modified their holdings of the company. Renaissance Technologies LLC increased its position in 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 during the period. Springbok Capital Management LLC increased its position in Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock worth $205,000 after buying an additional 3,700 shares during the period. Capstone Asset Management Co. increased its position in Progress Software Corp. by 1.7% in the second quarter. Capstone Asset Management Co. now owns 14,764 shares of the company’s stock worth $405,000 after buying an additional 240 shares during the period. Aperio Group LLC increased its position in Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock worth $351,000 after buying an additional 5,261 shares during the period. Finally, University of Notre Dame DU Lac increased its position in Progress Software Corp. by 28.8% in the first quarter. University of Notre Dame DU Lac now owns 56,060 shares of the company’s stock worth $1,352,000 after buying an additional 12,531 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.
Progress Software Corp. (NASDAQ:PRGS) traded up 0.26% during midday trading on Friday, reaching $27.09. The company had a trading volume of 190,833 shares. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 157.50 and a beta of 1.14. The stock’s 50 day moving average is $28.12 and its 200 day moving average is $27.11. 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 released its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The firm had revenue of $102 million for the quarter, compared to the consensus estimate of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued 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 1.85%.
A number of equities analysts have weighed in on PRGS shares. Wedbush upped their price target on Progress Software Corp. from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, June 24th. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. JMP Securities reaffirmed a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Zacks Investment Research raised Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Thursday, July 7th. Finally, Ladenburg Thalmann downgraded Progress Software Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Progress Software Corp. currently has an average rating of “Hold” and an average price target of $28.38.
In other news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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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