Gotham Asset Management LLC increased its holdings in shares of Progress Software Corp (NASDAQ:PRGS) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 180,226 shares of the software maker’s stock after purchasing an additional 6,305 shares during the period. Gotham Asset Management LLC owned approximately 0.40% of Progress Software worth $6,396,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRGS. Oregon Public Employees Retirement Fund acquired a new stake in Progress Software in the fourth quarter valued at approximately $606,000. Great West Life Assurance Co. Can grew its stake in Progress Software by 4.7% in the fourth quarter. Great West Life Assurance Co. Can now owns 58,808 shares of the software maker’s stock valued at $1,926,000 after acquiring an additional 2,661 shares during the period. Prudential Financial Inc. grew its stake in Progress Software by 11.3% in the fourth quarter. Prudential Financial Inc. now owns 644,191 shares of the software maker’s stock valued at $22,862,000 after acquiring an additional 65,237 shares during the period. Panagora Asset Management Inc. grew its stake in Progress Software by 4.9% in the third quarter. Panagora Asset Management Inc. now owns 150,689 shares of the software maker’s stock valued at $5,318,000 after acquiring an additional 7,085 shares during the period. Finally, Arizona State Retirement System grew its stake in Progress Software by 5.9% in the fourth quarter. Arizona State Retirement System now owns 69,150 shares of the software maker’s stock valued at $2,454,000 after acquiring an additional 3,850 shares during the period. 96.56% of the stock is owned by institutional investors and hedge funds.
Progress Software stock traded down $0.09 during mid-day trading on Monday, reaching $45.81. 196,903 shares of the company’s stock were exchanged, compared to its average volume of 490,402. The firm has a market capitalization of $2.02 billion, a P/E ratio of 21.51 and a beta of 0.72. Progress Software Corp has a one year low of $30.23 and a one year high of $47.60. The company has a current ratio of 1.18, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be issued a dividend of $0.155 per share. The ex-dividend date is Friday, May 31st. This represents a $0.62 dividend on an annualized basis and a yield of 1.35%. Progress Software’s dividend payout ratio (DPR) is currently 29.11%.
In other Progress Software news, Director Charles Francis Kane sold 7,764 shares of the firm’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $45.58, for a total value of $353,883.12. Following the completion of the sale, the director now directly owns 80,890 shares of the company’s stock, valued at $3,686,966.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Egan sold 20,000 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $45.25, for a total value of $905,000.00. Following the completion of the sale, the director now directly owns 73,206 shares of the company’s stock, valued at $3,312,571.50. The disclosure for this sale can be found here. Insiders have sold 72,764 shares of company stock worth $3,284,333 over the last quarter. 1.70% of the stock is currently owned by corporate insiders.
A number of research firms have recently weighed in on PRGS. Zacks Investment Research lowered Progress Software from a “hold” rating to a “sell” rating in a report on Friday, January 25th. Wedbush raised their target price on Progress Software from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, March 29th. Finally, ValuEngine upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Saturday, March 30th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $43.00.
Progress Software 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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