Voya Investment Management LLC increased its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 8.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,173 shares of the software maker’s stock after purchasing an additional 1,794 shares during the period. Voya Investment Management LLC’s holdings in Progress Software Corporation were worth $716,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Progress Software Corporation by 53,713.4% during the 1st quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock valued at $177,730,000 after purchasing an additional 6,106,679 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Progress Software Corporation by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,328,238 shares of the software maker’s stock valued at $133,700,000 after purchasing an additional 67,869 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Progress Software Corporation by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock valued at $56,630,000 after purchasing an additional 358,804 shares in the last quarter. State Street Corp lifted its holdings in shares of Progress Software Corporation by 4.7% during the 1st quarter. State Street Corp now owns 1,214,179 shares of the software maker’s stock valued at $35,272,000 after purchasing an additional 54,836 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Progress Software Corporation by 1.6% during the 2nd quarter. Northern Trust Corp now owns 989,122 shares of the software maker’s stock valued at $30,554,000 after purchasing an additional 15,430 shares in the last quarter. Institutional investors and hedge funds own 92.78% of the company’s stock.
Progress Software Corporation (NASDAQ PRGS) opened at 42.33 on Wednesday. Progress Software Corporation has a 12-month low of $26.23 and a 12-month high of $42.97. The stock’s 50 day moving average price is $39.65 and its 200 day moving average price is $33.17. The company’s market cap is $2.02 billion.
Progress Software Corporation (NASDAQ:PRGS) last released its earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, topping the consensus estimate of $0.40 by $0.08. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. The business had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue was down 4.7% on a year-over-year basis. Equities research analysts anticipate that Progress Software Corporation will post $1.85 EPS for the current year.
Progress Software Corporation announced that its board has approved a stock repurchase program on Wednesday, September 27th that allows the company to buyback $159.00 million in shares. This buyback authorization allows the software maker to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.56 annualized dividend and a yield of 1.32%. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is currently -45.87%.
PRGS has been the topic of several recent analyst reports. Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Friday, September 15th. Wedbush reiterated a “neutral” rating and set a $32.00 price objective on shares of Progress Software Corporation in a report on Monday, September 18th. BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, Benchmark Co. reiterated a “buy” rating and set a $42.00 price objective (up previously from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $37.50.
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Progress Software Corporation Profile
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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