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.
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.
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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.
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