First Quadrant L P CA Lowers Stake in Progress Software Corp (PRGS)
First Quadrant L P CA cut its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 14.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,443 shares of the software maker’s stock after selling 6,587 shares during the period. First Quadrant L P CA’s holdings in Progress Software were worth $1,794,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in PRGS. Captrust Financial Advisors grew its stake in shares of Progress Software by 162.4% during the 4th quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after buying an additional 614 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Progress Software by 34.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after buying an additional 438 shares during the period. Bank of Montreal Can grew its stake in shares of Progress Software by 6.7% during the 4th quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock valued at $168,000 after buying an additional 297 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 189.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock valued at $218,000 after acquiring an additional 4,047 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in shares of Progress Software during the 4th quarter valued at $248,000. 96.56% of the stock is owned by institutional investors.
In other Progress Software news, Director John R. Egan sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the transaction, the director now owns 73,206 shares in the company, valued at approximately $3,312,571.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Francis Kane sold 7,764 shares of the business’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $45.58, for a total transaction of $353,883.12. Following the completion of the transaction, the director now owns 80,890 shares in the company, valued at approximately $3,686,966.20. The disclosure for this sale can be found here. Insiders have sold a total of 72,764 shares of company stock worth $3,284,333 in the last 90 days. Company insiders own 1.70% of the company’s stock.
Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.08). The business had revenue of $89.50 million for the quarter, compared to analyst estimates of $87.64 million. Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The business’s revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS. Sell-side analysts forecast that Progress Software Corp will post 2.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be issued a dividend of $0.155 per share. The ex-dividend date is Friday, May 31st. This represents a $0.62 annualized dividend and a dividend yield of 1.34%. Progress Software’s payout ratio is 29.11%.
Several equities analysts recently weighed in on PRGS shares. ValuEngine upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Saturday, March 30th. Zacks Investment Research upgraded shares of Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, March 21st. Finally, Wedbush lifted their target price on shares of Progress Software from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, March 29th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. Progress Software presently has a consensus rating of “Buy” and an average target price of $43.00.
WARNING: This piece was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another website, it was illegally stolen and reposted in violation of United States & international trademark & copyright law. The legal version of this piece can be accessed at https://www.thecerbatgem.com/2019/04/25/first-quadrant-l-p-ca-lowers-stake-in-progress-software-corp-prgs.html.
Progress Software Profile
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
See Also: Different Options Trading Strategies
Want to see what other hedge funds are holding PRGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progress Software Corp (NASDAQ:PRGS).
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.