Principal Financial Group Inc. Buys 5,441 Shares of Progress Software Corp. (PRGS)
Principal Financial Group Inc. increased its position in Progress Software Corp. (NASDAQ:PRGS) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 355,120 shares of the company’s stock after buying an additional 5,441 shares during the period. Principal Financial Group Inc. owned approximately 0.73% of Progress Software Corp. worth $9,751,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of PRGS. FNY Managed Accounts LLC bought a new stake in shares of Progress Software Corp. during the second quarter worth about $110,000. Teacher Retirement System of Texas increased its stake in shares of Progress Software Corp. by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 6,321 shares of the company’s stock worth $174,000 after buying an additional 762 shares during the period. Royal Bank of Canada increased its stake in shares of Progress Software Corp. by 720.5% in the first quarter. Royal Bank of Canada now owns 7,762 shares of the company’s stock worth $187,000 after buying an additional 6,816 shares during the period. Springbok Capital Management LLC increased 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 period. Finally, Suntrust Banks Inc. bought a new stake in shares of Progress Software Corp. during the second quarter worth about $224,000. 92.65% of the stock is owned by institutional investors and hedge funds.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.09 on Friday. The company’s 50-day moving average price is $28.07 and its 200-day moving average price is $27.13. The stock has a market capitalization of $1.32 billion, a PE ratio of 157.50 and a beta of 1.14. Progress Software Corp. has a one year low of $22.01 and a one year high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last released its quarterly 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 company earned $102 million during the quarter, compared to analyst estimates of $104.72 million. During the same period last year, the firm earned $0.39 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. Equities research analysts predict that Progress Software Corp. will post $1.59 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a $0.125 dividend. 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%.
PRGS has been the subject of a number of recent research reports. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 30th. Zacks Investment Research upgraded Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, July 7th. Benchmark Co. reiterated a “buy” rating and set a $31.00 price target on shares of Progress Software Corp. in a report on Tuesday, October 11th. JMP Securities reiterated a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. Finally, Wedbush reiterated a “hold” rating and set a $24.00 price target on shares of Progress Software Corp. in a report on Sunday, June 26th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $28.38.
In other news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by insiders.
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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