Russell Investments Group Ltd. lifted its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 0.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 528,452 shares of the software maker’s stock after acquiring an additional 2,244 shares during the period. Russell Investments Group Ltd. owned 1.18% of Progress Software worth $20,310,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CWM LLC boosted its stake in Progress Software by 1,153.8% in the 3rd quarter. CWM LLC now owns 652 shares of the software maker’s stock worth $25,000 after buying an additional 600 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in Progress Software in the 1st quarter worth about $28,000. Harvest Fund Management Co. Ltd acquired a new stake in Progress Software in the 2nd quarter worth about $38,000. Ropes Wealth Advisors LLC acquired a new stake in Progress Software in the 2nd quarter worth about $44,000. Finally, Royal Bank of Canada boosted its stake in Progress Software by 30.9% in the 2nd quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock worth $58,000 after buying an additional 314 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have issued reports on PRGS. Benchmark reissued a “buy” rating on shares of Progress Software in a research note on Friday, September 27th. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research note on Saturday. Wedbush reissued an “outperform” rating and issued a $52.00 price target on shares of Progress Software in a research note on Wednesday, September 25th. Sidoti began coverage on Progress Software in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $53.00 price target on the stock. Finally, ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $49.40.
Progress Software (NASDAQ:PRGS) last issued its earnings results on Thursday, September 26th. The software maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. The company had revenue of $115.52 million during the quarter, compared to analyst estimates of $110.83 million. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The business’s revenue was up 24.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. Sell-side analysts forecast that Progress Software Corp will post 2.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.165 per share. The ex-dividend date is Friday, November 29th. This represents a $0.66 dividend on an annualized basis and a yield of 1.59%. This is a positive change from Progress Software’s previous quarterly dividend of $0.16. Progress Software’s payout ratio is currently 29.11%.
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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