Spark Investment Management LLC Lowers Stake in Progress Software Corporation (PRGS)

Spark Investment Management LLC reduced its stake in Progress Software Corporation (NASDAQ:PRGS) by 68.5% during the second quarter, Holdings Channel reports. The firm owned 28,000 shares of the software maker’s stock after selling 60,960 shares during the period. Spark Investment Management LLC’s holdings in Progress Software Corporation were worth $864,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue increased its position in Progress Software Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 5,380 shares of the software maker’s stock valued at $156,000 after buying an additional 130 shares during the period. US Bancorp DE increased its position in shares of Progress Software Corporation by 0.6% in the first quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock worth $706,000 after buying an additional 143 shares during the last quarter. Sei Investments Co. increased its position in shares of Progress Software Corporation by 2.9% in the first quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock worth $220,000 after buying an additional 215 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Progress Software Corporation by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the software maker’s stock worth $578,000 after buying an additional 400 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Progress Software Corporation by 1.6% in the first quarter. Arizona State Retirement System now owns 25,429 shares of the software maker’s stock worth $739,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 91.31% of the company’s stock.

Progress Software Corporation (NASDAQ PRGS) opened at 31.42 on Friday. Progress Software Corporation has a 52 week low of $25.55 and a 52 week high of $32.53. The firm’s market cap is $1.52 billion. The company’s 50 day moving average is $31.42 and its 200-day moving average is $29.68.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. The business had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the business earned $0.33 EPS. Equities analysts expect that Progress Software Corporation will post $1.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, August 30th.

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A number of equities analysts recently commented on PRGS shares. BidaskClub downgraded shares of Progress Software Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. TheStreet upgraded shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. Finally, Zacks Investment Research upgraded shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 target price for the company in a research note on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Progress Software Corporation currently has a consensus rating of “Hold” and a consensus price target of $32.25.

Progress Software Corporation Company 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.

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

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