California State Teachers Retirement System decreased its holdings in Progress Software Corporation (NASDAQ:PRGS) by 14.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 84,440 shares of the software maker’s stock after selling 14,217 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Progress Software Corporation worth $2,608,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its holdings in shares of Progress Software Corporation by 76.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after buying an additional 1,530 shares during the last quarter. Amalgamated Bank acquired a new stake in shares of Progress Software Corporation during the 2nd quarter worth approximately $206,000. ETRADE Capital Management LLC acquired a new stake in shares of Progress Software Corporation during the 2nd quarter worth approximately $213,000. Pacad Investment Ltd. increased its holdings in shares of Progress Software Corporation by 5.8% during the 2nd quarter. Pacad Investment Ltd. now owns 7,300 shares of the software maker’s stock worth $225,000 after buying an additional 400 shares during the last quarter. Finally, LMR Partners LLP acquired a new stake in shares of Progress Software Corporation during the 2nd quarter worth approximately $257,000. Institutional investors own 92.55% of the company’s stock.

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Progress Software Corporation (NASDAQ:PRGS) opened at $42.15 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2,015.11, a P/E ratio of 25.70 and a beta of 0.66. Progress Software Corporation has a 1 year low of $27.16 and a 1 year high of $42.97.

Progress Software Corporation (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.08. The firm had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. analysts expect that Progress Software Corporation will post 1.65 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is presently -45.87%.

Progress Software Corporation declared that its board has authorized a share buyback program on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

A number of analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Progress Software Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 29th. Wedbush restated a “neutral” rating and set a $32.00 price target on shares of Progress Software Corporation in a report on Monday, September 18th. BidaskClub upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, Benchmark Co. restated a “buy” rating and set a $42.00 price target (up previously from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.50.

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.

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

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