DekaBank Deutsche Girozentrale bought a new stake in Progress Software (NASDAQ:PRGS) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,000 shares of the software maker’s stock, valued at approximately $1,000,000. DekaBank Deutsche Girozentrale owned approximately 0.06% of Progress Software at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of Progress Software in the first quarter valued at $209,000. Xact Kapitalforvaltning AB acquired a new stake in Progress Software during the 4th quarter valued at $235,000. Hanseatic Management Services Inc. acquired a new stake in Progress Software during the 1st quarter valued at $240,000. Meeder Asset Management Inc. lifted its holdings in Progress Software by 392.2% during the 4th quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock valued at $341,000 after purchasing an additional 6,404 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in Progress Software during the 4th quarter valued at $356,000. 98.53% of the stock is owned by institutional investors and hedge funds.
In other news, Director Michael Mark sold 12,690 shares of Progress Software stock in a transaction on Thursday, April 19th. The stock was sold at an average price of $38.84, for a total transaction of $492,879.60. Following the completion of the sale, the director now owns 212,605 shares of the company’s stock, valued at $8,257,578.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by company insiders.
Shares of Progress Software opened at $36.87 on Friday, MarketBeat reports. Progress Software has a 1 year low of $28.63 and a 1 year high of $53.60. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 21.44 and a beta of 0.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 1.17.
Progress Software (NASDAQ:PRGS) last posted its earnings results on Wednesday, March 28th. The software maker reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.07. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. The company had revenue of $94.19 million during the quarter, compared to the consensus estimate of $92.47 million. During the same quarter last year, the firm earned $0.34 earnings per share. The company’s revenue was up 3.3% on a year-over-year basis. sell-side analysts forecast that Progress Software will post 2.05 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 31st. Progress Software’s dividend payout ratio is currently 32.56%.
Several brokerages have issued reports on PRGS. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday. Wedbush reaffirmed a “neutral” rating and set a $42.00 price target on shares of Progress Software in a report on Monday, May 7th. BidaskClub downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Tuesday, April 10th. Sidoti raised Progress Software from a “neutral” rating to a “buy” rating in a report on Tuesday, April 3rd. Finally, ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $43.67.
Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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