Ameriprise Financial Inc. increased its stake in shares of Progress Software Corp. (NASDAQ:PRGS) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 247,070 shares of the company’s stock after buying an additional 1,273 shares during the period. Ameriprise Financial Inc. owned about 0.51% of Progress Software Corp. worth $6,784,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of PRGS. Royal Bank of Canada increased its stake in Progress Software Corp. by 720.5% in the first quarter. Royal Bank of Canada now owns 7,762 shares of the company’s stock valued at $187,000 after buying an additional 6,816 shares during the period. Panagora Asset Management Inc. increased its stake in Progress Software Corp. by 9.0% in the first quarter. Panagora Asset Management Inc. now owns 348,927 shares of the company’s stock valued at $8,416,000 after buying an additional 28,934 shares during the period. Barclays PLC bought a new stake in Progress Software Corp. during the first quarter valued at $908,000. A.R.T. Advisors LLC bought a new stake in Progress Software Corp. during the first quarter valued at $575,000. Finally, Springbok Capital Management LLC increased its stake in Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock valued at $205,000 after buying an additional 3,700 shares during the period. Hedge funds and other institutional investors own 92.65% of the company’s stock.
Progress Software Corp. (NASDAQ:PRGS) traded up 1.262% during trading on Monday, hitting $27.675. 20,677 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $28.28 and its 200 day moving average price is $27.04. Progress Software Corp. has a 12-month low of $22.01 and a 12-month high of $29.80. The stock has a market cap of $1.35 billion, a P/E ratio of 160.901 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by $0.01. The business earned $102 million during the quarter, compared to analyst estimates of $104.72 million. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. Analysts anticipate that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Tuesday, November 29th.
Several analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Progress Software Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 31st. Ladenburg Thalmann downgraded shares of Progress Software Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities reiterated a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. TheStreet upgraded shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 30th. Finally, Wedbush lifted their target price on shares of Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, June 24th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Progress Software Corp. presently has a consensus rating of “Hold” and a consensus target price of $28.38.
In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.
About Progress Software Corp.
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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