Bessemer Group Inc. Has $2.49 Million Position in Progress Software Corporation (NASDAQ:PRGS)
Bessemer Group Inc. boosted its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 80,500 shares of the software maker’s stock after buying an additional 900 shares during the period. Bessemer Group Inc.’s holdings in Progress Software Corporation were worth $2,487,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its position in Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares in the last quarter. JPMorgan Chase & Co. raised its position in Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares in the last quarter. Norges Bank purchased a new position in Progress Software Corporation during the fourth quarter worth $19,052,000. Denver Investment Advisors LLC purchased a new position in Progress Software Corporation during the first quarter worth $12,307,000. Finally, Ameriprise Financial Inc. raised its position in Progress Software Corporation by 64.4% in the first quarter. Ameriprise Financial Inc. now owns 609,288 shares of the software maker’s stock worth $17,698,000 after buying an additional 238,716 shares in the last quarter. 91.31% of the stock is owned by institutional investors and hedge funds.
Progress Software Corporation (NASDAQ PRGS) opened at 31.89 on Thursday. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $32.53. The company’s 50-day moving average is $31.36 and its 200 day moving average is $29.67. The firm’s market cap is $1.54 billion.
Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The company had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same quarter last year, the firm posted $0.33 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts predict that Progress Software Corporation will post $1.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.125 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 1.57%.
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Several equities analysts recently commented on PRGS shares. BidaskClub raised shares of Progress Software Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a research report on Wednesday, July 5th. Finally, TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $32.25.
About Progress Software Corporation
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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