Progress Software Corporation (PRGS) Shares Bought by BNP Paribas Arbitrage SA

BNP Paribas Arbitrage SA lifted its holdings in Progress Software Corporation (NASDAQ:PRGS) by 84.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,331 shares of the software maker’s stock after buying an additional 8,854 shares during the period. BNP Paribas Arbitrage SA’s holdings in Progress Software Corporation were worth $597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Progress Software Corporation by 53,713.4% in the 1st quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Progress Software Corporation by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 4,260,369 shares of the software maker’s stock worth $123,763,000 after buying an additional 192,991 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Progress Software Corporation by 113.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares during the last quarter. State Street Corp boosted its stake in shares of Progress Software Corporation by 4.7% in the 1st quarter. State Street Corp now owns 1,214,179 shares of the software maker’s stock worth $35,272,000 after buying an additional 54,836 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Progress Software Corporation by 9.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 856,634 shares of the software maker’s stock worth $26,460,000 after buying an additional 74,560 shares during the last quarter. Hedge funds and other institutional investors own 91.61% of the company’s stock.

A number of equities analysts have recently weighed in on PRGS shares. BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. Finally, Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research note on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Progress Software Corporation has an average rating of “Hold” and a consensus price target of $32.25.

Shares of Progress Software Corporation (NASDAQ:PRGS) opened at 36.38 on Wednesday. The company’s market cap is $1.76 billion. Progress Software Corporation has a 12-month low of $25.55 and a 12-month high of $36.54. The company has a 50 day moving average of $32.59 and a 200-day moving average of $30.40.

Progress Software Corporation (NASDAQ:PRGS) last issued its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 18.10%. The company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. During the same quarter last year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.54%. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is currently -42.74%.

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About Progress Software Corporation

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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