California Public Employees Retirement System lowered its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,500 shares of the software maker’s stock after selling 1,100 shares during the quarter. California Public Employees Retirement System owned 0.07% of Progress Software Corporation worth $973,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Stanley Laman Group Ltd. increased its position in shares of Progress Software Corporation by 1.7% during the second quarter. Stanley Laman Group Ltd. now owns 18,935 shares of the software maker’s stock worth $585,000 after acquiring an additional 318 shares during the period. Pacad Investment Ltd. increased its position in shares of Progress Software Corporation by 5.8% during the second quarter. Pacad Investment Ltd. now owns 7,300 shares of the software maker’s stock worth $225,000 after acquiring an additional 400 shares during the period. Municipal Employees Retirement System of Michigan grew its stake in shares of Progress Software Corporation by 4.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 11,510 shares of the software maker’s stock worth $356,000 after purchasing an additional 460 shares in the last quarter. Profund Advisors LLC grew its stake in shares of Progress Software Corporation by 6.0% during the second quarter. Profund Advisors LLC now owns 9,243 shares of the software maker’s stock worth $286,000 after purchasing an additional 526 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Progress Software Corporation by 1.1% during the second quarter. Bessemer Group Inc. now owns 80,500 shares of the software maker’s stock worth $2,487,000 after purchasing an additional 900 shares in the last quarter. 93.10% of the stock is currently owned by institutional investors and hedge funds.

Progress Software Corporation (NASDAQ PRGS) opened at $42.15 on Monday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28. Progress Software Corporation has a 12 month low of $27.16 and a 12 month high of $42.97. The stock has a market cap of $2,015.10, a price-to-earnings ratio of 25.70 and a beta of 0.66.

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 the consensus estimate of $0.40 by $0.08. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The company had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.60 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Progress Software Corporation’s revenue for the quarter was down 4.7% on a year-over-year basis. equities research analysts forecast that Progress Software Corporation will post 1.65 EPS for the current fiscal year.

Progress Software Corporation announced that its Board of Directors has approved a share repurchase plan on Wednesday, September 27th that allows the company to repurchase $159.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

The firm 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 1.33%. This is a boost 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 dividend payout ratio is presently -45.87%.

PRGS has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, September 22nd. BidaskClub upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Benchmark Co. reiterated a “buy” rating and set a $42.00 target price (up previously from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Finally, Wedbush reiterated a “neutral” rating and set a $32.00 target price on shares of Progress Software Corporation in a research note on Monday, September 18th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $37.50.

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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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