Progress Software Corp. (PRGS) Shares Sold by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System cut its stake in Progress Software Corp. (NASDAQ:PRGS) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,300 shares of the company’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Progress Software Corp. were worth $612,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Progress Software Corp. by 720.5% in the first quarter. Royal Bank of Canada now owns 7,762 shares of the company’s stock valued at $187,000 after buying an additional 6,816 shares during the period. Springbok Capital Management LLC raised its stake in shares of Progress Software Corp. by 77.1% in the first quarter. Springbok Capital Management LLC now owns 8,500 shares of the company’s stock worth $205,000 after buying an additional 3,700 shares during the last quarter. Zebra Capital Management LLC bought a new stake in shares of Progress Software Corp. during the first quarter worth $274,000. Aperio Group LLC raised its stake in shares of Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock worth $351,000 after buying an additional 5,261 shares during the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of Progress Software Corp. by 1.7% in the second quarter. Capstone Asset Management Co. now owns 14,764 shares of the company’s stock worth $405,000 after buying an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 0.26% on Friday, hitting $27.09. 190,833 shares of the stock were exchanged. The company’s 50 day moving average is $28.07 and its 200-day moving average is $27.13. Progress Software Corp. has a 52-week low of $22.01 and a 52-week high of $29.80. The stock has a market cap of $1.32 billion, a PE ratio of 157.50 and a beta of 1.14.
Progress Software Corp. (NASDAQ:PRGS) last released its earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The firm had revenue of $102 million for the quarter, compared to analysts’ expectations of $104.72 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts predict that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.85%.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Progress Software Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 31st. Ladenburg Thalmann lowered shares of Progress Software Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities reiterated a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. TheStreet raised shares of Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. Finally, Benchmark Co. reissued a “buy” rating and set a $31.00 target price on shares of Progress Software Corp. in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $28.38.
In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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