Nicholas Investment Partners LP purchased a new stake in shares of Progress Software Co. (NASDAQ:PRGS) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 21,869 shares of the software maker’s stock, valued at approximately $931,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Prudential Financial Inc. grew its position in shares of Progress Software by 149.5% in the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock valued at $18,513,000 after purchasing an additional 290,630 shares during the period. Swiss National Bank grew its position in shares of Progress Software by 3.2% in the fourth quarter. Swiss National Bank now owns 74,000 shares of the software maker’s stock valued at $3,150,000 after purchasing an additional 2,300 shares during the period. AMP Capital Investors Ltd acquired a new stake in shares of Progress Software in the third quarter valued at about $455,000. Mackenzie Financial Corp grew its position in shares of Progress Software by 30.6% in the fourth quarter. Mackenzie Financial Corp now owns 171,084 shares of the software maker’s stock valued at $7,283,000 after purchasing an additional 40,118 shares during the period. Finally, Scoggin Management LP acquired a new stake in shares of Progress Software in the third quarter valued at about $4,771,000. Institutional investors own 91.43% of the company’s stock.
Progress Software Co. (NASDAQ:PRGS) opened at $40.38 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market cap of $1,800.28, a PE ratio of 52.44 and a beta of 0.75. Progress Software Co. has a 52 week low of $27.46 and a 52 week high of $53.60.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Wednesday, February 28th. Progress Software’s dividend payout ratio is currently 72.73%.
Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $60.00 target price on the stock in a research report on Thursday, January 18th. BidaskClub lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. Benchmark lowered shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. Progress Software presently has an average rating of “Hold” and a consensus price target of $46.33.
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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.
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