State of Alaska Department of Revenue grew its position in Progress Software Corp (NASDAQ:PRGS) by 126.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,359 shares of the software maker’s stock after purchasing an additional 19,208 shares during the period. State of Alaska Department of Revenue owned about 0.08% of Progress Software worth $1,307,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Marshall Wace North America L.P. bought a new position in shares of Progress Software during the first quarter worth about $28,000. Harvest Fund Management Co. Ltd bought a new position in shares of Progress Software during the second quarter worth about $38,000. Ropes Wealth Advisors LLC bought a new position in shares of Progress Software during the second quarter worth about $44,000. Royal Bank of Canada raised its position in shares of Progress Software by 30.9% during the second quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after acquiring an additional 314 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in shares of Progress Software during the second quarter worth about $114,000. Institutional investors own 92.64% of the company’s stock.
Shares of PRGS stock opened at $39.71 on Friday. The company has a market cap of $1.73 billion, a P/E ratio of 18.64 and a beta of 0.82. The stock has a 50 day simple moving average of $38.84 and a two-hundred day simple moving average of $41.42. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.00 and a current ratio of 1.10. Progress Software Corp has a fifty-two week low of $30.23 and a fifty-two week high of $47.60.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, November 29th. This is a boost from Progress Software’s previous quarterly dividend of $0.16. Progress Software’s dividend payout ratio (DPR) is 29.11%.
A number of equities research analysts have weighed in on PRGS shares. National Securities set a $50.00 target price on Progress Software and gave the stock a “buy” rating in a report on Friday, June 28th. Benchmark reiterated a “buy” rating on shares of Progress Software in a report on Friday, September 27th. BidaskClub upgraded Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. ValuEngine downgraded Progress Software from a “hold” rating to a “sell” rating in a report on Monday, September 30th. Finally, Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $48.50.
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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