Geode Capital Management LLC Buys 18,371 Shares of Progress Software Corp (NASDAQ:PRGS)

Geode Capital Management LLC lifted its position in Progress Software Corp (NASDAQ:PRGS) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 692,135 shares of the software maker’s stock after acquiring an additional 18,371 shares during the period. Geode Capital Management LLC owned approximately 1.53% of Progress Software worth $24,563,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PRGS. Captrust Financial Advisors grew its stake in shares of Progress Software by 162.4% in the fourth quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after buying an additional 614 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Progress Software by 34.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock worth $61,000 after purchasing an additional 438 shares during the period. Bank of Montreal Can boosted its position in Progress Software by 6.7% during the fourth quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock worth $168,000 after purchasing an additional 297 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 189.0% during the third quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock worth $218,000 after buying an additional 4,047 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. lifted its holdings in shares of Progress Software by 2.9% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 10,820 shares of the software maker’s stock worth $384,000 after buying an additional 309 shares in the last quarter. Institutional investors and hedge funds own 96.56% of the company’s stock.

Shares of NASDAQ:PRGS traded up $0.21 during midday trading on Wednesday, hitting $46.13. 240,871 shares of the stock were exchanged, compared to its average volume of 483,321. Progress Software Corp has a 12 month low of $30.23 and a 12 month high of $47.60. The stock has a market cap of $2.05 billion, a P/E ratio of 21.66 and a beta of 0.72. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Thursday, March 28th. The software maker reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.08). Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The company had revenue of $89.50 million during the quarter, compared to the consensus estimate of $87.64 million. During the same quarter in the previous year, the company earned $0.54 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. As a group, equities analysts forecast that Progress Software Corp will post 2.09 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Friday, May 31st. Progress Software’s payout ratio is 29.11%.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research raised Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 target price for the company in a report on Thursday, April 4th. ValuEngine raised Progress Software from a “hold” rating to a “buy” rating in a research note on Saturday, March 30th. Finally, Wedbush boosted their target price on Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Friday, March 29th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $43.00.

In other Progress Software news, Director John R. Egan sold 20,000 shares of the company’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 transaction, the director now owns 73,206 shares in the company, valued at approximately $3,312,571.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Francis Kane sold 7,764 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $45.58, for a total value of $353,883.12. Following the completion of the transaction, the director now owns 80,890 shares of the company’s stock, valued at approximately $3,686,966.20. The disclosure for this sale can be found here. Insiders have sold a total of 72,764 shares of company stock worth $3,284,333 over the last 90 days. Company insiders own 1.70% of the company’s stock.

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

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