Heartland Advisors Inc. Purchases New Position in Progress Software Corp (PRGS)
Heartland Advisors Inc. purchased a new position in shares of Progress Software Corp (NASDAQ:PRGS) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 194,051 shares of the software maker’s stock, valued at approximately $6,848,000. Heartland Advisors Inc. owned 0.43% of Progress Software at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in PRGS. BlackRock Inc. boosted its stake in shares of Progress Software by 12.0% during the 2nd quarter. BlackRock Inc. now owns 7,020,934 shares of the software maker’s stock worth $272,552,000 after purchasing an additional 749,784 shares during the period. Acadian Asset Management LLC lifted its holdings in Progress Software by 58.1% during the 3rd quarter. Acadian Asset Management LLC now owns 1,542,613 shares of the software maker’s stock valued at $54,441,000 after buying an additional 566,910 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in Progress Software by 995.4% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 519,708 shares of the software maker’s stock valued at $18,340,000 after buying an additional 472,264 shares in the last quarter. Marshall Wace LLP bought a new stake in Progress Software during the 2nd quarter valued at about $9,899,000. Finally, TD Asset Management Inc. lifted its holdings in Progress Software by 246.2% during the 2nd quarter. TD Asset Management Inc. now owns 296,700 shares of the software maker’s stock valued at $11,518,000 after buying an additional 211,000 shares in the last quarter. 94.60% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Dimitre Taslakov sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the completion of the sale, the insider now owns 43,431 shares in the company, valued at approximately $1,520,085. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.00% of the company’s stock.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The company had revenue of $95.79 million during the quarter, compared to analyst estimates of $96.98 million. During the same quarter last year, the business posted $0.48 EPS. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. Research analysts forecast that Progress Software Corp will post 2.14 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a $0.155 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.62 annualized dividend and a dividend yield of 1.87%. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s payout ratio is currently 32.56%.
A number of brokerages recently weighed in on PRGS. ValuEngine lowered shares of Progress Software from a “hold” rating to a “sell” rating in a report on Friday, September 28th. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Finally, Wedbush reiterated a “neutral” rating and set a $38.00 price objective on shares of Progress Software in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $39.00.
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Progress Software Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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