MERIAN GLOBAL INVESTORS UK Ltd Raises Position in Progress Software Corp (NASDAQ:PRGS)

Share on StockTwits

MERIAN GLOBAL INVESTORS UK Ltd boosted its position in shares of Progress Software Corp (NASDAQ:PRGS) by 995.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 519,708 shares of the software maker’s stock after purchasing an additional 472,264 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd owned about 1.16% of Progress Software worth $18,340,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new position in shares of Progress Software in the second quarter valued at approximately $140,000. Charter Trust Co. acquired a new position in shares of Progress Software in the second quarter valued at approximately $200,000. Xact Kapitalforvaltning AB boosted its holdings in shares of Progress Software by 27.2% in the first quarter. Xact Kapitalforvaltning AB now owns 7,016 shares of the software maker’s stock valued at $270,000 after buying an additional 1,500 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Progress Software in the first quarter valued at approximately $287,000. Finally, Verition Fund Management LLC acquired a new position in shares of Progress Software in the first quarter valued at approximately $303,000. 93.26% of the stock is owned by hedge funds and other institutional investors.

NASDAQ PRGS traded down $0.24 on Friday, hitting $32.78. 150,720 shares of the stock were exchanged, compared to its average volume of 360,647. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. Progress Software Corp has a 52 week low of $30.23 and a 52 week high of $53.60. The firm has a market capitalization of $1.49 billion, a P/E ratio of 19.06 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The company had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The company’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. On average, research analysts anticipate that Progress Software Corp will post 2.14 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be given a $0.155 dividend. The ex-dividend date is Friday, November 30th. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a dividend yield of 1.89%. Progress Software’s dividend payout ratio is presently 32.56%.

In related news, insider Dimitre Taslakov sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the transaction, the insider now directly owns 43,431 shares in the company, valued at $1,520,085. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Several research analysts recently commented on PRGS shares. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a report on Thursday, October 4th. ValuEngine cut shares of Progress Software from a “hold” rating to a “sell” rating in a report on Friday, September 28th. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Finally, National Securities started coverage on shares of Progress Software in a report on Monday, July 16th. They set a “buy” rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $40.00.

TRADEMARK VIOLATION WARNING: This report was first reported by BBNS and is owned by of BBNS. If you are accessing this report on another domain, it was stolen and reposted in violation of U.S. & international copyright legislation. The legal version of this report can be read at https://baseballnewssource.com/2018/11/10/merian-global-investors-uk-ltd-has-18-34-million-stake-in-progress-software-corp-prgs/2847005.html.

Progress Software Company Profile

Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

Featured Article: Understanding Market Liquidity

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

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.