Squarepoint Ops LLC raised its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 197.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,647 shares of the software maker’s stock after purchasing an additional 99,945 shares during the period. Squarepoint Ops LLC owned 0.34% of Progress Software worth $5,734,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Barclays PLC increased its stake in shares of Progress Software by 13.1% during the third quarter. Barclays PLC now owns 79,387 shares of the software maker’s stock worth $3,021,000 after acquiring an additional 9,220 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Progress Software by 155.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 9,700 shares of the software maker’s stock valued at $369,000 after purchasing an additional 5,900 shares during the period. Schafer Cullen Capital Management Inc acquired a new position in shares of Progress Software in the 3rd quarter valued at about $391,000. California State Teachers Retirement System lifted its position in shares of Progress Software by 1.2% in the third quarter. California State Teachers Retirement System now owns 69,299 shares of the software maker’s stock worth $2,638,000 after purchasing an additional 828 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in shares of Progress Software by 6.8% in the third quarter. Stifel Financial Corp now owns 68,965 shares of the software maker’s stock worth $2,625,000 after purchasing an additional 4,377 shares in the last quarter. 91.63% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently commented on the stock. BidaskClub raised shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Zacks Investment Research downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, November 28th. Wedbush reissued an “outperform” rating and set a $52.00 target price on shares of Progress Software in a research note on Wednesday, September 25th. Sidoti initiated coverage on shares of Progress Software in a research note on Tuesday, October 22nd. They set a “buy” rating and a $53.00 target price for the company. Finally, Benchmark restated a “buy” rating on shares of Progress Software in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $49.40.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Thursday, September 26th. The software maker reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The business had revenue of $115.52 million during the quarter, compared to analyst estimates of $110.83 million. During the same period in the previous year, the company earned $0.60 EPS. The firm’s revenue was up 24.6% on a year-over-year basis. As a group, research analysts expect that Progress Software Corp will post 2.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.165 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from Progress Software’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a yield of 1.61%. Progress Software’s dividend payout ratio (DPR) is 30.99%.
Progress Software Company 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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