Progress Software Corp (NASDAQ:PRGS) Shares Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. grew its holdings in shares of Progress Software Corp (NASDAQ:PRGS) by 247.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,573 shares of the software maker’s stock after acquiring an additional 24,635 shares during the period. Pinebridge Investments L.P. owned about 0.08% of Progress Software worth $1,508,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new stake in shares of Progress Software during the first quarter valued at approximately $28,000. Ropes Wealth Advisors LLC purchased a new position in shares of Progress Software during the 2nd quarter valued at $44,000. Advisors Preferred LLC purchased a new position in shares of Progress Software during the 2nd quarter valued at $114,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Progress Software during the 1st quarter valued at $164,000. Finally, 1492 Capital Management LLC acquired a new stake in shares of Progress Software in the 1st quarter valued at $228,000. Institutional investors and hedge funds own 92.64% of the company’s stock.

PRGS stock traded down $0.48 during trading hours on Tuesday, reaching $40.34. The stock had a trading volume of 26,489 shares, compared to its average volume of 237,914. The stock has a market capitalization of $1.77 billion, a PE ratio of 18.94 and a beta of 0.82. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50-day simple moving average of $39.39 and a 200 day simple moving average of $41.13. Progress Software Corp has a fifty-two week low of $30.23 and a fifty-two week high of $47.60.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.17. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. The business had revenue of $103.48 million during the quarter, compared to analysts’ expectations of $98.20 million. During the same quarter in the previous year, the company earned $0.60 EPS. The business’s revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts forecast that Progress Software Corp will post 2.16 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 2nd were issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, August 29th. Progress Software’s dividend payout ratio (DPR) is presently 29.11%.

Several research firms have recently issued reports on PRGS. ValuEngine downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. Benchmark raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Wednesday, July 17th. Wedbush raised shares of Progress Software from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $52.00 in a research note on Friday, July 26th. BidaskClub upgraded shares of Progress Software from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, National Securities set a $50.00 price objective on shares of Progress Software and gave the company a “buy” rating in a report on Friday, June 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Progress Software has an average rating of “Buy” and a consensus target price of $49.25.

Progress Software Profile

Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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

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