Piedmont Investment Advisors LLC trimmed its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 22.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,412 shares of the software maker’s stock after selling 9,831 shares during the period. Piedmont Investment Advisors LLC owned 0.07% of Progress Software worth $1,275,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. California Public Employees Retirement System raised its position in shares of Progress Software by 13.7% during the 3rd quarter. California Public Employees Retirement System now owns 35,804 shares of the software maker’s stock valued at $1,367,000 after purchasing an additional 4,304 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of Progress Software by 17.8% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 12,126 shares of the software maker’s stock valued at $463,000 after purchasing an additional 1,832 shares during the period. Vident Investment Advisory LLC bought a new stake in shares of Progress Software during the 3rd quarter valued at $338,000. AMP Capital Investors Ltd bought a new stake in shares of Progress Software during the 3rd quarter valued at $455,000. Finally, Allianz Asset Management GmbH bought a new stake in shares of Progress Software during the 3rd quarter valued at $2,254,000. Hedge funds and other institutional investors own 93.71% of the company’s stock.

Shares of Progress Software Corporation (NASDAQ:PRGS) opened at $41.83 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28. The stock has a market cap of $1,980.68, a price-to-earnings ratio of 25.26 and a beta of 0.65. Progress Software Corporation has a fifty-two week low of $27.16 and a fifty-two week high of $42.97.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results 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 company had revenue of $97.60 million for the quarter, compared to the consensus estimate of $97.60 million. Progress Software had a negative net margin of 13.23% and a positive return on equity of 20.30%. Progress Software’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. equities research analysts predict that Progress Software Corporation will post 1.65 earnings per share for the current year.

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

Several analysts have recently commented on PRGS shares. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Thursday, September 28th. Benchmark reiterated a “buy” rating and issued a $42.00 price target (up from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. ValuEngine downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Wedbush reiterated a “neutral” rating and issued a $32.00 price target on shares of Progress Software in a report on Monday, September 18th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $37.50.

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About Progress Software

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 (NASDAQ:PRGS)

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