James Investment Research Inc. Takes $1.76 Million Position in Progress Software Corp (PRGS)

James Investment Research Inc. acquired a new stake in Progress Software Corp (NASDAQ:PRGS) in the third quarter, HoldingsChannel reports. The institutional investor acquired 49,860 shares of the software maker’s stock, valued at approximately $1,760,000.

Several other hedge funds have also made changes to their positions in PRGS. BlackRock Inc. raised its stake in shares of Progress Software by 12.0% in the 2nd quarter. BlackRock Inc. now owns 7,020,934 shares of the software maker’s stock valued at $272,552,000 after buying an additional 749,784 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd grew its holdings in shares of Progress Software by 995.4% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 519,708 shares of the software maker’s stock worth $18,340,000 after purchasing an additional 472,264 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Progress Software by 38.7% in the 2nd quarter. Fisher Asset Management LLC now owns 1,227,209 shares of the software maker’s stock worth $47,640,000 after purchasing an additional 342,160 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Progress Software in the 2nd quarter worth about $9,899,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Progress Software by 29.8% in the 2nd quarter. Acadian Asset Management LLC now owns 975,703 shares of the software maker’s stock worth $37,878,000 after purchasing an additional 223,756 shares during the last quarter. Institutional investors own 93.23% of the company’s stock.

In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the sale, the insider now owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by corporate insiders.

PRGS opened at $32.21 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. Progress Software Corp has a twelve month low of $30.23 and a twelve month high of $53.60. The stock has a market capitalization of $1.45 billion, a PE ratio of 18.73 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The business had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. Analysts expect that Progress Software Corp will post 2.14 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.62 dividend on an annualized basis and a yield of 1.92%. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s dividend payout ratio is currently 32.56%.

Several equities research analysts have recently weighed in on the stock. BidaskClub raised shares of Progress Software from a “sell” rating to a “hold” rating in a report on Saturday, August 25th. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. National Securities assumed coverage on shares of Progress Software in a report on Monday, July 16th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, ValuEngine lowered shares of Progress Software from a “hold” rating to a “sell” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Progress Software currently has a consensus rating of “Hold” and a consensus target price of $40.00.

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

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