Progress Software Corporation (PRGS) Stake Lessened by BlackRock Inc.

BlackRock Inc. reduced its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 2.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,945,304 shares of the software maker’s stock after selling 172,744 shares during the quarter. BlackRock Inc. owned approximately 12.31% of Progress Software Corporation worth $183,650,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PRGS. Riverhead Capital Management LLC boosted its stake in shares of Progress Software Corporation by 76.5% during the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after purchasing an additional 1,530 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Progress Software Corporation during the first quarter valued at $126,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Progress Software Corporation during the first quarter valued at $206,000. Sei Investments Co. boosted its stake in shares of Progress Software Corporation by 2.9% during the first quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock valued at $220,000 after purchasing an additional 215 shares during the period. Finally, Laurion Capital Management LP purchased a new stake in shares of Progress Software Corporation during the first quarter valued at $221,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

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Shares of Progress Software Corporation (PRGS) opened at 40.41 on Wednesday. The stock’s market capitalization is $1.94 billion. The company has a 50-day moving average of $36.24 and a 200-day moving average of $31.83. Progress Software Corporation has a 1-year low of $26.23 and a 1-year high of $40.87.

Progress Software Corporation (NASDAQ:PRGS) last released its earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.08. The company had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. Progress Software Corporation’s revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. On average, equities research analysts expect that Progress Software Corporation will post $1.85 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.14 dividend. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, November 30th. Progress Software Corporation’s payout ratio is currently -45.87%.

Progress Software Corporation declared that its board has authorized a stock repurchase plan on Wednesday, September 27th that permits the company to repurchase $159.00 million in shares. This repurchase authorization permits the software maker to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

A number of analysts have recently issued reports on PRGS shares. Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Friday, September 15th. BidaskClub raised shares of Progress Software Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. Finally, Benchmark Co. reissued a “buy” rating and set a $42.00 target price (up from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Progress Software Corporation currently has a consensus rating of “Hold” and an average target price of $37.50.

Progress Software Corporation Company Profile

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

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

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