Capital Fund Management S.A. lowered its position in Progress Software Corp (NASDAQ:PRGS) by 32.2% during the third quarter, Holdings Channel reports. The institutional investor owned 34,900 shares of the software maker’s stock after selling 16,600 shares during the period. Capital Fund Management S.A.’s holdings in Progress Software were worth $1,232,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Itau Unibanco Holding S.A. purchased a new stake in Progress Software in the 2nd quarter worth approximately $140,000. Harvest Fund Management Co. Ltd purchased a new stake in Progress Software in the 3rd quarter worth approximately $146,000. Charter Trust Co. purchased a new stake in Progress Software in the 2nd quarter worth approximately $200,000. Ifrah Financial Services Inc. purchased a new stake in Progress Software in the 3rd quarter worth approximately $213,000. Finally, Meeder Asset Management Inc. boosted its position in Progress Software by 85.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 9,051 shares of the software maker’s stock worth $320,000 after purchasing an additional 4,163 shares in the last quarter. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Progress Software stock opened at $32.59 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. Progress Software Corp has a 12 month low of $30.23 and a 12 month high of $53.60. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 16.12 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The business had revenue of $95.79 million during the quarter, compared to the consensus estimate of $96.98 million. Progress Software had a return on equity of 28.94% and a net margin of 15.30%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 EPS. Sell-side analysts expect that Progress Software Corp will post 2.14 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.90%. This is an increase from Progress Software’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Friday, November 30th. Progress Software’s dividend payout ratio is presently 32.56%.

PRGS has been the topic of several recent research reports. BidaskClub upgraded Progress Software from a “sell” rating to a “hold” rating in a research report on Saturday, August 25th. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. Finally, Wedbush restated a “neutral” rating and issued a $38.00 price objective on shares of Progress Software in a research report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $39.00.

In other news, insider Dimitre Taslakov sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $35.00, for a total transaction of $70,000.00. Following the completion of the transaction, the insider now directly owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

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

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