Strs Ohio Reduces Position in Progress Software Corp (NASDAQ:PRGS)

Strs Ohio trimmed its position in Progress Software Corp (NASDAQ:PRGS) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,900 shares of the software maker’s stock after selling 2,000 shares during the quarter. Strs Ohio owned approximately 0.06% of Progress Software worth $1,086,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Progress Software by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 692,135 shares of the software maker’s stock worth $24,563,000 after buying an additional 18,371 shares in the last quarter. 1492 Capital Management LLC purchased a new stake in shares of Progress Software in the first quarter worth about $228,000. Convergence Investment Partners LLC purchased a new stake in shares of Progress Software in the first quarter worth about $399,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of Progress Software by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 17,391 shares of the software maker’s stock worth $772,000 after buying an additional 314 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Progress Software by 0.3% in the first quarter. Parametric Portfolio Associates LLC now owns 187,564 shares of the software maker’s stock worth $8,322,000 after buying an additional 595 shares in the last quarter. 91.17% of the stock is currently owned by hedge funds and other institutional investors.

PRGS stock opened at $39.44 on Wednesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a 50 day moving average of $41.35. The company has a market capitalization of $1.76 billion, a PE ratio of 18.52 and a beta of 0.76. Progress Software Corp has a 1-year low of $30.23 and a 1-year high of $47.60.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.17. The company had revenue of $103.48 million for the quarter, compared to analysts’ expectations of $98.20 million. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. Progress Software’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. Equities analysts anticipate that Progress Software Corp will post 2.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Thursday, August 29th. Progress Software’s dividend payout ratio (DPR) is 29.11%.

PRGS has been the topic of a number of recent analyst reports. Benchmark raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Wednesday, July 17th. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Friday, July 5th. Wedbush raised shares of Progress Software from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $52.00 in a report on Friday, July 26th. BidaskClub downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, National Securities set a $50.00 price target on shares of Progress Software and gave the stock a “buy” rating in a report on Friday, June 28th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Progress Software has an average rating of “Buy” and an average target price of $49.25.

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

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