Progress Software Corporation (PRGS) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. decreased its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 3.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 225,592 shares of the software maker’s stock after selling 6,910 shares during the period. Russell Investments Group Ltd. owned approximately 0.47% of Progress Software worth $8,609,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in shares of Progress Software by 1.6% during the 3rd quarter. Rhumbline Advisers now owns 101,785 shares of the software maker’s stock valued at $3,885,000 after purchasing an additional 1,650 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Progress Software by 142.4% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 71,560 shares of the software maker’s stock valued at $2,731,000 after purchasing an additional 42,040 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of Progress Software by 57.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 18,110 shares of the software maker’s stock valued at $691,000 after purchasing an additional 6,600 shares in the last quarter. Sei Investments Co. boosted its position in shares of Progress Software by 17.4% during the 3rd quarter. Sei Investments Co. now owns 12,190 shares of the software maker’s stock valued at $466,000 after purchasing an additional 1,808 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Progress Software by 41.2% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 27,291 shares of the software maker’s stock valued at $1,042,000 after purchasing an additional 7,960 shares in the last quarter. 93.71% of the stock is currently owned by hedge funds and other institutional investors.

Progress Software Corporation (NASDAQ:PRGS) opened at $41.22 on Thursday. Progress Software Corporation has a fifty-two week low of $27.16 and a fifty-two week high of $42.97. The company has a market cap of $1,941.96, a PE ratio of 24.77 and a beta of 0.65. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, topping the consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. Progress Software had a negative net margin of 13.23% and a positive return on equity of 20.30%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. sell-side analysts predict that Progress Software Corporation will post 1.65 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.14 per share. This is a boost from Progress Software’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software’s dividend payout ratio (DPR) is currently -51.38%.

Progress Software announced that its board has approved a stock repurchase program on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

PRGS has been the subject of several research reports. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Friday, September 15th. Benchmark restated a “buy” rating and set a $42.00 price objective (up previously from $34.00) on shares of Progress Software in a research report on Wednesday, September 13th. Wedbush restated a “neutral” rating and set a $32.00 price objective on shares of Progress Software in a research report on Monday, September 18th. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Progress Software currently has a consensus rating of “Hold” and a consensus target price of $37.50.

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About Progress Software

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.

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

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