California Public Employees Retirement System lifted its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 52.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,602 shares of the software maker’s stock after acquiring an additional 18,798 shares during the quarter. California Public Employees Retirement System owned about 0.12% of Progress Software worth $2,324,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Teacher Retirement System of Texas acquired a new position in shares of Progress Software during the fourth quarter valued at approximately $642,000. American Century Companies Inc. increased its stake in shares of Progress Software by 73.4% during the fourth quarter. American Century Companies Inc. now owns 123,788 shares of the software maker’s stock valued at $5,270,000 after acquiring an additional 52,411 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Progress Software by 392.2% during the fourth quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock valued at $341,000 after acquiring an additional 6,404 shares during the period. Comerica Bank increased its stake in shares of Progress Software by 23.2% during the fourth quarter. Comerica Bank now owns 114,935 shares of the software maker’s stock valued at $5,740,000 after acquiring an additional 21,674 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Progress Software during the fourth quarter valued at approximately $1,515,000. Institutional investors and hedge funds own 94.26% of the company’s stock.
Progress Software stock opened at $41.21 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market cap of $1,909.75, a P/E ratio of 53.52 and a beta of 0.75. Progress Software Co. has a 12-month low of $27.46 and a 12-month high of $53.60.
Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, January 10th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.13. The firm had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. Progress Software had a net margin of 9.41% and a return on equity of 21.25%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. equities analysts forecast that Progress Software Co. will post 1.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were given a $0.14 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $0.56 annualized dividend and a yield of 1.36%. Progress Software’s dividend payout ratio (DPR) is 72.73%.
A number of research analysts recently commented on PRGS shares. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Benchmark reiterated a “buy” rating and set a $47.00 price objective (up previously from $42.00) on shares of Progress Software in a research note on Tuesday, January 2nd. Finally, BidaskClub lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Progress Software presently has a consensus rating of “Hold” and a consensus price target of $46.33.
About Progress Software
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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