Meeder Asset Management Inc. boosted its holdings in shares of Progress Software Corp (NASDAQ:PRGS) by 147.9% during the 1st quarter, HoldingsChannel reports. The fund owned 21,218 shares of the software maker’s stock after purchasing an additional 12,658 shares during the period. Meeder Asset Management Inc.’s holdings in Progress Software were worth $942,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Captrust Financial Advisors raised its position in Progress Software by 162.4% during the fourth quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after acquiring an additional 614 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Progress Software by 34.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after purchasing an additional 438 shares during the last quarter. Bank of Montreal Can grew its holdings in Progress Software by 6.7% during the fourth quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock valued at $168,000 after purchasing an additional 297 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Progress Software by 189.0% during the third quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock valued at $218,000 after purchasing an additional 4,047 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in Progress Software during the fourth quarter valued at approximately $248,000. 96.56% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director John R. Egan sold 20,000 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the sale, the director now owns 73,206 shares in the company, valued at $3,312,571.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles Francis Kane sold 7,764 shares of Progress Software stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $45.58, for a total transaction of $353,883.12. Following the sale, the director now owns 80,890 shares in the company, valued at approximately $3,686,966.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,764 shares of company stock worth $3,284,333. 1.70% of the stock is currently owned by corporate insiders.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.08). The company had revenue of $89.50 million during the quarter, compared to analyst estimates of $87.64 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The company’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 EPS. On average, sell-side analysts anticipate that Progress Software Corp will post 2.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.155 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.62 annualized dividend and a dividend yield of 1.39%. Progress Software’s payout ratio is 29.11%.
Several equities analysts have commented on PRGS shares. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 price target on the stock in a report on Thursday, April 4th. Wedbush increased their price target on Progress Software from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, March 29th. Finally, ValuEngine upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Saturday, March 30th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $43.00.
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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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