Prudential Financial Inc. boosted its stake in Progress Software Corporation (NASDAQ:PRGS) by 149.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 484,991 shares of the software maker’s stock after acquiring an additional 290,630 shares during the quarter. Prudential Financial Inc. owned about 1.01% of Progress Software Corporation worth $18,513,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Riverhead Capital Management LLC raised its position in shares of Progress Software Corporation by 76.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after purchasing an additional 1,530 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Progress Software Corporation by 0.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares in the last quarter. Amalgamated Bank acquired a new position in shares of Progress Software Corporation in the 2nd quarter valued at approximately $206,000. ETRADE Capital Management LLC acquired a new position in shares of Progress Software Corporation in the 2nd quarter valued at approximately $213,000. Finally, Pacad Investment Ltd. raised its position in shares of Progress Software Corporation by 5.8% in the 2nd quarter. Pacad Investment Ltd. now owns 7,300 shares of the software maker’s stock valued at $225,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 93.10% of the company’s stock.
A number of equities analysts have issued reports on PRGS shares. Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Friday, September 15th. Wedbush reaffirmed a “neutral” rating and issued a $32.00 target price on shares of Progress Software Corporation in a research report on Monday, September 18th. BidaskClub raised Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Benchmark Co. reaffirmed a “buy” rating and issued a $42.00 target price (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday, September 13th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $37.50.
Shares of Progress Software Corporation (PRGS) opened at $41.90 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market capitalization of $2,003.16, a P/E ratio of 25.55 and a beta of 0.66. Progress Software Corporation has a 52-week low of $27.16 and a 52-week high of $42.97.
Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million for the quarter, compared to analyst estimates of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. research analysts predict that Progress Software Corporation will post 1.65 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.14 per share. This is a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software Corporation’s dividend payout ratio is currently -45.87%.
Progress Software Corporation announced that its board has initiated a stock buyback plan on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Progress Software Corporation Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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