QS Investors LLC Sells 1,419 Shares of Progress Software Corporation (PRGS)
QS Investors LLC lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 0.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,396 shares of the software maker’s stock after selling 1,419 shares during the quarter. QS Investors LLC owned 0.35% of Progress Software Corporation worth $5,264,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in PRGS. BlackRock Inc. raised its stake in shares of Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after purchasing an additional 6,106,679 shares during the last quarter. Numeric Investors LLC lifted its holdings in shares of Progress Software Corporation by 2,170.2% in the second quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock valued at $34,829,000 after purchasing an additional 1,077,842 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock valued at $42,834,000 after purchasing an additional 782,906 shares in the last quarter. Oaktop Capital Management II L.P. bought a new position in shares of Progress Software Corporation in the second quarter valued at approximately $18,921,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Progress Software Corporation by 210.1% in the second quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock valued at $14,176,000 after purchasing an additional 310,900 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.
Shares of Progress Software Corporation (PRGS) opened at 38.30 on Monday. The firm has a 50-day moving average of $33.44 and a 200 day moving average of $30.75. The stock’s market cap is $1.84 billion. Progress Software Corporation has a 1-year low of $26.23 and a 1-year high of $38.51.
Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.08. The company had revenue of $97.60 million during 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 firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the company earned $0.44 EPS. Equities research analysts forecast that Progress Software Corporation will post $1.85 earnings per share for the current year.
The business 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. This represents a $0.56 annualized dividend and a yield of 1.47%. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software Corporation’s payout ratio is -45.87%.
Progress Software Corporation declared that its board has initiated a stock repurchase program on Wednesday, September 27th that authorizes the company to repurchase $159.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several brokerages recently issued reports on PRGS. BidaskClub raised Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Thursday. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Benchmark Co. restated a “buy” rating and set a $42.00 price objective (up from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Five equities 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 a consensus price target of $37.50.
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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