Piedmont Investment Advisors Inc. Cuts Stake in Progress Software Corp (PRGS)

Piedmont Investment Advisors Inc. lowered its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 81.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,511 shares of the software maker’s stock after selling 45,210 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Progress Software were worth $371,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Hartford Investment Management Co. acquired a new position in shares of Progress Software during the 2nd quarter worth approximately $351,000. Bessemer Group Inc. increased its holdings in shares of Progress Software by 1.3% during the 2nd quarter. Bessemer Group Inc. now owns 331,883 shares of the software maker’s stock worth $12,884,000 after acquiring an additional 4,305 shares during the last quarter. Piedmont Investment Advisors LLC increased its holdings in shares of Progress Software by 57.4% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 55,721 shares of the software maker’s stock worth $2,163,000 after acquiring an additional 20,309 shares during the last quarter. Dupont Capital Management Corp increased its holdings in shares of Progress Software by 373.1% during the 2nd quarter. Dupont Capital Management Corp now owns 29,647 shares of the software maker’s stock worth $1,151,000 after acquiring an additional 23,381 shares during the last quarter. Finally, TD Asset Management Inc. increased its holdings in shares of Progress Software by 246.2% during the 2nd quarter. TD Asset Management Inc. now owns 296,700 shares of the software maker’s stock worth $11,518,000 after acquiring an additional 211,000 shares during the last quarter. 94.60% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ PRGS opened at $33.59 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. Progress Software Corp has a one year low of $30.23 and a one year high of $53.60. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 16.31 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a return on equity of 28.94% and a net margin of 15.30%. The firm had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. During the same period in the prior year, the firm posted $0.48 EPS. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts forecast that Progress Software Corp will post 2.14 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.85%. This is a positive change 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 currently 32.56%.

In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the company’s stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $35.00, for a total value of $70,000.00. Following 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.50% of the company’s stock.

A number of research analysts recently weighed in on the company. BidaskClub raised Progress Software from a “sell” rating to a “hold” rating in a report on Saturday, August 25th. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Finally, Wedbush reissued a “neutral” rating and set a $38.00 target price on shares of Progress Software in a report on Friday, November 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $39.00.

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About Progress Software

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.

See Also: Market Capitalization and Individual Investors

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

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