Citadel Advisors LLC increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 19.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 277,604 shares of the software maker’s stock after purchasing an additional 45,397 shares during the quarter. Citadel Advisors LLC’s holdings in Progress Software were worth $10,776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Spark Investment Management LLC increased its position in shares of Progress Software by 31.3% during the 1st quarter. Spark Investment Management LLC now owns 78,800 shares of the software maker’s stock valued at $3,029,000 after purchasing an additional 18,800 shares during the last quarter. Hartford Investment Management Co. bought a new position in shares of Progress Software during the 2nd quarter valued at approximately $351,000. Point72 Asia Hong Kong Ltd bought a new position in shares of Progress Software during the 1st quarter valued at approximately $149,000. Hsbc Holdings PLC bought a new position in shares of Progress Software during the 1st quarter valued at approximately $5,869,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Progress Software by 463.2% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 72,225 shares of the software maker’s stock valued at $2,804,000 after purchasing an additional 59,400 shares during the last quarter. 92.02% of the stock is currently owned by hedge funds and other institutional investors.

PRGS opened at $40.45 on Friday. Progress Software Co. has a 52-week low of $32.79 and a 52-week high of $53.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $1.81 billion, a P/E ratio of 20.64 and a beta of 0.78.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, June 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.07. Progress Software had a return on equity of 26.14% and a net margin of 13.86%. The company had revenue of $96.10 million during the quarter, compared to analysts’ expectations of $95.03 million. During the same quarter in the previous year, the business earned $0.42 EPS. Progress Software’s revenue was up 3.1% compared to the same quarter last year. research analysts forecast that Progress Software Co. will post 2.14 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Monday, September 3rd will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Thursday, August 30th. Progress Software’s payout ratio is currently 32.56%.

Several equities analysts have recently weighed in on PRGS shares. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Wednesday, July 4th. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, June 7th. National Securities started coverage on Progress Software in a research report on Monday, July 16th. They set a “buy” rating and a $50.00 target price on the stock. Benchmark raised Progress Software from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research report on Thursday, June 28th. Finally, Wedbush boosted their target price on Progress Software from $39.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, June 28th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $41.00.

Progress Software Company Profile

Progress Software Corp. engages in the provision of a platform, which develops and deploy mission-critical business applications. It operates through the following business segments: OpenEdge Business; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge Business segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.

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

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