Martingale Asset Management L P Raises Position in Progress Software Corporation (PRGS)
Martingale Asset Management L P increased its holdings in Progress Software Corporation (NASDAQ:PRGS) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 246,059 shares of the software maker’s stock after buying an additional 2,100 shares during the quarter. Martingale Asset Management L P owned about 0.51% of Progress Software Corporation worth $7,601,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of PRGS. BlackRock Inc. increased its holdings in Progress Software Corporation by 53,713.4% in the 1st quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares during the period. JPMorgan Chase & Co. increased its holdings in Progress Software Corporation by 113.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares during the period. Oaktop Capital Management II L.P. acquired a new position in Progress Software Corporation in the 2nd quarter worth approximately $18,921,000. Ameriprise Financial Inc. increased its holdings in Progress Software Corporation by 64.4% in the 1st quarter. Ameriprise Financial Inc. now owns 609,288 shares of the software maker’s stock worth $17,698,000 after buying an additional 238,716 shares during the period. Finally, Citadel Advisors LLC increased its holdings in Progress Software Corporation by 1,349.1% in the 1st quarter. Citadel Advisors LLC now owns 253,689 shares of the software maker’s stock worth $7,370,000 after buying an additional 236,182 shares during the period. Institutional investors own 91.61% of the company’s stock.
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Shares of Progress Software Corporation (NASDAQ PRGS) opened at 34.41 on Tuesday. Progress Software Corporation has a 52-week low of $25.55 and a 52-week high of $34.63. The stock’s market cap is $1.66 billion. The firm has a 50-day moving average price of $32.53 and a 200 day moving average price of $30.37.
Progress Software Corporation (NASDAQ:PRGS) last released its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. The business had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 earnings per share. Analysts expect that Progress Software Corporation will post $1.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.63%. This is a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s payout ratio is presently -42.74%.
Several equities analysts recently weighed in on PRGS shares. BidaskClub upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective on the stock in a research report on Wednesday, July 5th. Finally, TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Progress Software Corporation currently has a consensus rating of “Hold” and an average price target of $32.25.
About Progress Software Corporation
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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