Alambic Investment Management L.P. Lowers Holdings in Progress Software Co. (PRGS)

Alambic Investment Management L.P. decreased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 9.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 177,050 shares of the software maker’s stock after selling 19,150 shares during the quarter. Progress Software makes up about 0.9% of Alambic Investment Management L.P.’s portfolio, making the stock its 9th biggest holding. Alambic Investment Management L.P.’s holdings in Progress Software were worth $7,537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PRGS. Assenagon Asset Management S.A. acquired a new position in shares of Progress Software during the third quarter worth about $3,648,000. Alpha Windward LLC purchased a new stake in shares of Progress Software during the third quarter worth approximately $543,000. Phocas Financial Corp. raised its stake in shares of Progress Software by 4.7% during the second quarter. Phocas Financial Corp. now owns 182,181 shares of the software maker’s stock worth $5,628,000 after purchasing an additional 8,229 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Progress Software by 149.5% during the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock worth $18,513,000 after purchasing an additional 290,630 shares during the last quarter. Finally, Chicago Equity Partners LLC raised its stake in shares of Progress Software by 80.7% during the third quarter. Chicago Equity Partners LLC now owns 150,535 shares of the software maker’s stock worth $5,746,000 after purchasing an additional 67,225 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Progress Software Co. (NASDAQ:PRGS) traded down $0.67 on Friday, hitting $48.99. The company had a trading volume of 12,471 shares, compared to its average volume of 500,321. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2,311.46 and a price-to-earnings ratio of 64.49. Progress Software Co. has a fifty-two week low of $27.46 and a fifty-two week high of $53.60.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.13. The business had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 earnings per share. research analysts forecast that Progress Software Co. will post 1.95 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Wednesday, February 28th. Progress Software’s payout ratio is 72.73%.

PRGS has been the subject of several analyst reports. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Benchmark reiterated a “buy” rating and issued a $47.00 price objective (up previously from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $46.33.

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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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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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