Bailard Inc. grew its holdings in Progress Software Corp (NASDAQ:PRGS) by 11.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,850 shares of the software maker’s stock after purchasing an additional 775 shares during the quarter. Bailard Inc.’s holdings in Progress Software were worth $299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Marshall Wace North America L.P. acquired a new position in Progress Software during the 1st quarter worth approximately $28,000. First Trust Advisors LP raised its stake in Progress Software by 861.2% during the 1st quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock worth $5,290,000 after buying an additional 106,818 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in Progress Software during the 1st quarter worth approximately $164,000. WINTON GROUP Ltd acquired a new position in Progress Software during the 2nd quarter worth approximately $4,081,000. Finally, Boston Private Wealth LLC acquired a new position in Progress Software during the 2nd quarter worth approximately $627,000. 92.58% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Wednesday, October 2nd. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Benchmark reaffirmed a “buy” rating on shares of Progress Software in a research note on Friday, September 27th. ValuEngine downgraded Progress Software from a “hold” rating to a “sell” rating in a research note on Monday, September 30th. Finally, Sidoti assumed coverage on Progress Software in a research note on Tuesday. They set a “buy” rating and a $53.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $49.40.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, September 26th. The software maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. The firm had revenue of $115.52 million during the quarter, compared to the consensus estimate of $110.83 million. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. As a group, research analysts anticipate that Progress Software Corp will post 2.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.165 dividend. The ex-dividend date is Friday, November 29th. This is an increase from Progress Software’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a dividend yield of 1.67%. Progress Software’s dividend payout ratio is 29.11%.
About Progress Software
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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