OxFORD Asset Management LLP boosted its holdings in Progress Software Corporation (NASDAQ:PRGS) by 26.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 126,041 shares of the software maker’s stock after purchasing an additional 26,300 shares during the period. OxFORD Asset Management LLP owned about 0.26% of Progress Software worth $4,814,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in Progress Software in the third quarter valued at about $3,648,000. Nationwide Fund Advisors boosted its holdings in Progress Software by 122.8% in the second quarter. Nationwide Fund Advisors now owns 182,415 shares of the software maker’s stock valued at $5,635,000 after purchasing an additional 100,557 shares during the last quarter. Alpha Windward LLC purchased a new position in Progress Software in the third quarter valued at about $543,000. Phocas Financial Corp. boosted its holdings in Progress Software by 4.7% in the second quarter. Phocas Financial Corp. now owns 182,181 shares of the software maker’s stock valued at $5,628,000 after purchasing an additional 8,229 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its holdings in Progress Software by 84.5% in the second quarter. BNP Paribas Arbitrage SA now owns 19,331 shares of the software maker’s stock valued at $597,000 after purchasing an additional 8,854 shares during the last quarter. 93.71% of the stock is owned by hedge funds and other institutional investors.
Progress Software Corporation (PRGS) opened at $41.15 on Wednesday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. Progress Software Corporation has a 1-year low of $27.16 and a 1-year high of $42.97. The company has a market capitalization of $1,981.16, a P/E ratio of 25.27 and a beta of 0.65.
Progress Software declared that its board has approved a share repurchase program on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Thursday, November 30th. This is an increase from Progress Software’s previous quarterly dividend of $0.13. Progress Software’s dividend payout ratio (DPR) is currently -51.38%.
PRGS has been the subject of a number of analyst reports. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, September 28th. Benchmark reissued a “buy” rating and issued a $42.00 price target (up previously from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Wedbush reaffirmed a “neutral” rating and set a $32.00 target price on shares of Progress Software in a report on Monday, September 18th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Progress Software currently has an average rating of “Hold” and a consensus target price of $37.50.
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Progress Software 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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