First Quadrant L P CA acquired a new position in shares of Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 75,566 shares of the software maker’s stock, valued at approximately $2,334,000. First Quadrant L P CA owned 0.16% of Progress Software Corporation as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PRGS. BlackRock Inc. raised its position in Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares during the last quarter. JPMorgan Chase & Co. raised its position in Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares during the last quarter. Norges Bank purchased a new position in Progress Software Corporation during the fourth quarter worth $19,052,000. Denver Investment Advisors LLC purchased a new position in Progress Software Corporation during the first quarter worth $12,307,000. Finally, Ameriprise Financial Inc. raised its position in Progress Software Corporation by 64.4% in the first quarter. Ameriprise Financial Inc. now owns 609,288 shares of the software maker’s stock worth $17,698,000 after buying an additional 238,716 shares during the last quarter. 91.31% of the stock is currently owned by hedge funds and other institutional investors.
Progress Software Corporation (NASDAQ:PRGS) traded up 0.15% during mid-day trading on Friday, reaching $32.52. 507,402 shares of the company were exchanged. The stock has a 50-day moving average price of $31.79 and a 200 day moving average price of $29.85. Progress Software Corporation has a one year low of $25.55 and a one year high of $32.93. The company’s market capitalization is $1.57 billion.
Progress Software Corporation (NASDAQ:PRGS) last posted its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. The business had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS. Analysts predict that Progress Software Corporation will post $1.77 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.54%. The ex-dividend date is Wednesday, August 30th.
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PRGS has been the topic of a number of recent analyst reports. BidaskClub lowered shares of Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target on the stock in a research report on Wednesday, July 5th. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Progress Software Corporation presently has an average rating of “Hold” and an average target price of $32.25.
About Progress Software Corporation
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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