Everence Capital Management Inc. acquired a new position in shares of Progress Software Corp (NASDAQ:PRGS) in the first quarter, HoldingsChannel.com reports. The fund acquired 6,410 shares of the software maker’s stock, valued at approximately $284,000.
Other institutional investors also recently bought and sold shares of the company. IndexIQ Advisors LLC purchased a new position in Progress Software in the 1st quarter valued at approximately $1,828,000. California Public Employees Retirement System increased its stake in Progress Software by 1.4% in the 1st quarter. California Public Employees Retirement System now owns 132,221 shares of the software maker’s stock valued at $5,867,000 after purchasing an additional 1,815 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Progress Software by 7.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,656 shares of the software maker’s stock valued at $1,626,000 after purchasing an additional 2,464 shares in the last quarter. Texas Permanent School Fund increased its stake in Progress Software by 4.3% in the 1st quarter. Texas Permanent School Fund now owns 30,659 shares of the software maker’s stock valued at $1,360,000 after purchasing an additional 1,275 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in Progress Software by 6.3% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 190,243 shares of the software maker’s stock valued at $8,442,000 after purchasing an additional 11,338 shares in the last quarter. 95.66% of the stock is owned by institutional investors.
In other Progress Software news, insider Dimitre Taslakov sold 12,999 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $45.50, for a total transaction of $591,454.50. Following the completion of the transaction, the insider now owns 31,948 shares of the company’s stock, valued at $1,453,634. 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 transaction, the director now directly owns 73,206 shares of the company’s stock, valued at approximately $3,312,571.50. The disclosure for this sale can be found here. Insiders have sold 86,695 shares of company stock valued at $3,918,650 in the last three months. 1.70% of the stock is currently owned by company insiders.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.08). The company had revenue of $89.50 million for the quarter, compared to analysts’ expectations of $87.64 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS. On average, research analysts anticipate that Progress Software Corp will post 2.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.43%. The ex-dividend date is Friday, May 31st. Progress Software’s payout ratio is 29.11%.
Several equities analysts have weighed in on PRGS shares. ValuEngine raised Progress Software from a “hold” rating to a “buy” rating in a research report on Saturday, March 30th. Wedbush raised their price target on Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, March 29th. Finally, Zacks Investment Research downgraded Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $43.00.
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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.
Further Reading: Certificate of Deposit (CD)
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