Morgan Stanley Decreases Stake in Progress Software Corp (NASDAQ:PRGS)

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Morgan Stanley lowered its position in Progress Software Corp (NASDAQ:PRGS) by 42.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,860 shares of the software maker’s stock after selling 166,384 shares during the quarter. Morgan Stanley owned approximately 0.50% of Progress Software worth $9,721,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Progress Software by 0.6% during the 2nd quarter. BlackRock Inc. now owns 6,650,593 shares of the software maker’s stock worth $290,098,000 after buying an additional 36,423 shares during the last quarter. Man Group plc lifted its position in shares of Progress Software by 42.5% during the 2nd quarter. Man Group plc now owns 1,681,780 shares of the software maker’s stock worth $73,360,000 after buying an additional 501,621 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Progress Software by 21.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,606,709 shares of the software maker’s stock worth $70,086,000 after buying an additional 282,721 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Progress Software by 3.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,359,711 shares of the software maker’s stock worth $59,311,000 after buying an additional 40,185 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Progress Software by 15.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 952,733 shares of the software maker’s stock worth $38,710,000 after buying an additional 126,278 shares during the last quarter. Institutional investors own 92.72% of the company’s stock.

NASDAQ:PRGS opened at $39.66 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.10 and a debt-to-equity ratio of 0.86. Progress Software Corp has a fifty-two week low of $30.23 and a fifty-two week high of $47.60. The stock has a market cap of $1.74 billion, a PE ratio of 18.62 and a beta of 0.82. The firm’s fifty day simple moving average is $38.92 and its 200-day simple moving average is $41.47.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, September 26th. The software maker reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. Progress Software had a net margin of 12.16% and a return on equity of 32.10%. The business had revenue of $115.52 million for the quarter, compared to analysts’ expectations of $110.83 million. During the same period in the prior year, the company posted $0.60 EPS. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. Equities analysts anticipate that Progress Software Corp will post 2.22 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from Progress Software’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.66%. Progress Software’s dividend payout ratio is 29.11%.

Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Wednesday, October 2nd. Wedbush reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Progress Software in a report on Wednesday, September 25th. National Securities set a $50.00 target price on shares of Progress Software and gave the company a “buy” rating in a report on Friday, June 28th. BidaskClub raised shares of Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Finally, ValuEngine cut shares of Progress Software from a “hold” rating to a “sell” rating in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $48.50.

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.

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

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