Segall Bryant & Hamill LLC reduced its position in Progress Software Corporation (NASDAQ:PRGS) by 16.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 219,290 shares of the software maker’s stock after selling 42,668 shares during the quarter. Segall Bryant & Hamill LLC owned 0.46% of Progress Software worth $8,370,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC raised its holdings in shares of Progress Software by 76.5% in the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after acquiring an additional 1,530 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Progress Software by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after acquiring an additional 44 shares in the last quarter. Amalgamated Bank bought a new stake in shares of Progress Software in the second quarter valued at about $206,000. ETRADE Capital Management LLC bought a new stake in shares of Progress Software in the second quarter valued at about $213,000. Finally, Koch Industries Inc. bought a new stake in shares of Progress Software in the second quarter valued at about $223,000. Hedge funds and other institutional investors own 93.71% of the company’s stock.
PRGS has been the subject of several recent research reports. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Friday, September 15th. Benchmark restated a “buy” rating and issued a $42.00 price objective (up from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. Wedbush restated a “neutral” rating and issued a $32.00 price objective on shares of Progress Software in a report on Monday, September 18th. BidaskClub upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Progress Software presently has a consensus rating of “Hold” and an average price target of $37.50.
Progress Software Corporation (NASDAQ PRGS) opened at $41.30 on Friday. The company has a market cap of $1,970.64, a PE ratio of 25.13 and a beta of 0.65. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28. Progress Software Corporation has a fifty-two week low of $27.16 and a fifty-two week high of $42.97.
Progress Software (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.60 million. Progress Software had a negative net margin of 13.23% and a positive return on equity of 20.30%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. equities analysts predict that Progress Software Corporation will post 1.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.14 dividend. The ex-dividend date is Thursday, November 30th. This is an increase from Progress Software’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 1.36%. Progress Software’s payout ratio is currently -51.38%.
Progress Software declared that its Board of Directors has approved a share buyback program on Wednesday, September 27th that permits the company to repurchase $159.00 million in shares. This repurchase authorization permits the software maker to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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Progress Software Company 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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