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.
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.
See Also: What does relative strength index mean?
Want to see what other hedge funds are holding PRGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progress Software Corp (NASDAQ:PRGS).
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.