Legal & General Group Plc increased its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 3.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 98,809 shares of the software maker’s stock after acquiring an additional 3,672 shares during the quarter. Legal & General Group Plc’s holdings in Progress Software were worth $3,905,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its position in Progress Software by 1,425.0% during the first quarter. Envestnet Asset Management Inc. now owns 3,843 shares of the software maker’s stock worth $147,000 after buying an additional 3,591 shares in the last quarter. Point72 Asia Hong Kong Ltd purchased a new position in Progress Software during the first quarter worth approximately $149,000. SG Americas Securities LLC purchased a new position in Progress Software during the first quarter worth approximately $209,000. Pitcairn Co. purchased a new position in Progress Software during the first quarter worth approximately $228,000. Finally, Xact Kapitalforvaltning AB raised its position in Progress Software by 27.2% in the first quarter. Xact Kapitalforvaltning AB now owns 7,016 shares of the software maker’s stock valued at $270,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other institutional investors own 91.98% of the company’s stock.
NASDAQ:PRGS opened at $42.07 on Tuesday. Progress Software Corp has a 52 week low of $34.72 and a 52 week high of $53.60. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 24.45 and a beta of 0.80.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Monday, September 3rd were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.33%. Progress Software’s dividend payout ratio is currently 32.56%.
A number of equities research analysts have commented on the company. Zacks Investment Research downgraded Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, May 31st. Wedbush lifted their target price on Progress Software from $39.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, June 28th. BidaskClub upgraded Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Benchmark upgraded Progress Software from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research report on Thursday, June 28th. Finally, National Securities assumed coverage on Progress Software in a research report on Monday, July 16th. They issued a “buy” rating and a $50.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $41.00.
Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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