Goldman Sachs Group Inc. boosted its holdings in Progress Software Corporation (NASDAQ:PRGS) by 31.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 431,959 shares of the software maker’s stock after buying an additional 103,324 shares during the period. Goldman Sachs Group Inc. owned approximately 0.89% of Progress Software Corporation worth $13,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRGS. Riverhead Capital Management LLC raised its holdings in Progress Software Corporation 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 buying an additional 1,530 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Progress Software Corporation in the first quarter valued at approximately $126,000. BlueCrest Capital Management Ltd purchased a new position in Progress Software Corporation in the first quarter valued at approximately $206,000. Amalgamated Bank purchased a new position in Progress Software Corporation in the second quarter valued at approximately $206,000. Finally, ETRADE Capital Management LLC purchased a new position in Progress Software Corporation in the second quarter valued at approximately $213,000. Hedge funds and other institutional investors own 92.20% of the company’s stock.

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Several research analysts recently commented 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 shares of Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Thursday, September 28th. TheStreet upgraded shares of Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Finally, Benchmark Co. restated a “buy” rating and issued a $42.00 price target (up previously from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $37.50.

Progress Software Corporation (PRGS) opened at 41.04 on Tuesday. Progress Software Corporation has a 12-month low of $26.23 and a 12-month high of $41.21. The firm has a 50-day moving average of $37.01 and a 200-day moving average of $32.10. The firm’s market cap is $1.96 billion.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.08. The business had revenue of $97.60 million for the quarter, compared to analysts’ expectations of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. Progress Software Corporation’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 earnings per share. On average, analysts expect that Progress Software Corporation will post $1.85 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, November 30th. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.36%. Progress Software Corporation’s payout ratio is currently -45.87%.

Progress Software Corporation announced that its board has initiated a share repurchase plan on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Progress Software Corporation 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.

Institutional Ownership by Quarter for Progress Software Corporation (NASDAQ:PRGS)

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