BlackRock Inc. trimmed its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 7.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,593,002 shares of the software maker’s stock after selling 561,495 shares during the quarter. BlackRock Inc. owned 14.60% of Progress Software worth $233,987,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its stake in Progress Software by 6.7% during the 4th quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock worth $168,000 after purchasing an additional 297 shares in the last quarter. Piedmont Investment Advisors Inc. grew its stake in Progress Software by 2.9% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 10,820 shares of the software maker’s stock worth $384,000 after purchasing an additional 309 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Progress Software by 34.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock worth $61,000 after purchasing an additional 438 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Progress Software by 4.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,316 shares of the software maker’s stock worth $615,000 after purchasing an additional 781 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Progress Software by 9.1% during the 4th quarter. Victory Capital Management Inc. now owns 19,103 shares of the software maker’s stock worth $678,000 after purchasing an additional 1,593 shares in the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.
PRGS has been the subject of several analyst reports. ValuEngine raised Progress Software from a “sell” rating to a “hold” rating in a research note on Thursday, December 6th. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. Finally, BidaskClub raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $39.00.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Thursday, January 17th. The software maker reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.03. The company had revenue of $111.50 million during the quarter, compared to the consensus estimate of $109.35 million. Progress Software had a return on equity of 30.67% and a net margin of 15.99%. Progress Software’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 EPS. On average, equities research analysts expect that Progress Software Corp will post 1.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Thursday, February 28th. Progress Software’s dividend payout ratio (DPR) is 29.11%.
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Progress Software Company Profile
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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