ClariVest Asset Management LLC grew its holdings in Progress Software Corporation (NASDAQ:PRGS) by 49.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 123,322 shares of the software maker’s stock after acquiring an additional 40,915 shares during the period. ClariVest Asset Management LLC owned about 0.26% of Progress Software Corporation worth $4,708,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Riverhead Capital Management LLC lifted its stake in shares of Progress Software Corporation by 76.5% in the 2nd 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. Public Employees Retirement System of Ohio lifted its stake in shares of Progress Software Corporation by 0.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares during the period. Amalgamated Bank acquired a new position in shares of Progress Software Corporation in the 2nd quarter valued at $206,000. ETRADE Capital Management LLC acquired a new position in shares of Progress Software Corporation in the 2nd quarter valued at $213,000. Finally, Koch Industries Inc. acquired a new position in shares of Progress Software Corporation in the 2nd quarter valued at $223,000. 91.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of Progress Software Corporation (NASDAQ PRGS) traded up $0.49 during mid-day trading on Monday, reaching $41.90. 270,400 shares of the company’s stock traded hands, compared to its average volume of 359,372. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2,003.15, a price-to-earnings ratio of 25.55 and a beta of 0.66. Progress Software Corporation has a one year low of $27.16 and a one year high of $42.97.
Progress Software Corporation (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.08. The business had revenue of $97.60 million for the quarter, compared to analysts’ expectations of $97.60 million. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share. sell-side analysts anticipate that Progress Software Corporation will post 1.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Thursday, November 30th. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio is currently -45.87%.
Progress Software Corporation announced that its Board of Directors has authorized a stock buyback plan on Wednesday, September 27th that permits the company to repurchase $159.00 million in outstanding shares. This repurchase authorization permits the software maker to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have weighed in on PRGS. Zacks Investment Research upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Thursday, September 28th. Wedbush restated a “neutral” rating and set a $32.00 price objective on shares of Progress Software Corporation in a research report on Monday, September 18th. Benchmark Co. restated a “buy” rating and set a $42.00 price objective (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday, September 13th. Finally, BidaskClub upgraded shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Progress Software Corporation has a consensus rating of “Hold” and a consensus price target of $37.50.
Progress Software Corporation 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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