Ameritas Investment Partners Inc. bought a new position in Progress Software Corporation (NASDAQ:PRGS) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,326 shares of the software maker’s stock, valued at approximately $126,000.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Progress Software Corporation during the fourth quarter worth about $19,052,000. Denver Investment Advisors LLC acquired a new stake in shares of Progress Software Corporation during the first quarter valued at $12,307,000. Ameriprise Financial Inc. boosted its stake in shares of Progress Software Corporation by 64.4% in the first quarter. Ameriprise Financial Inc. now owns 609,288 shares of the software maker’s stock valued at $17,698,000 after buying an additional 238,716 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Progress Software Corporation during the fourth quarter valued at $5,516,000. Finally, State Street Corp boosted its stake in shares of Progress Software Corporation by 9.1% in the fourth quarter. State Street Corp now owns 1,159,343 shares of the software maker’s stock valued at $37,010,000 after buying an additional 96,939 shares during the period. Institutional investors own 91.57% of the company’s stock.

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

Shares of Progress Software Corporation (NASDAQ:PRGS) opened at 30.29 on Friday. Progress Software Corporation has a 52 week low of $24.20 and a 52 week high of $32.47. The firm’s market cap is $1.46 billion. The firm has a 50-day moving average of $29.48 and a 200 day moving average of $29.58.

Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, March 29th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.08. Progress Software Corporation had a negative net margin of 14.62% and a positive return on equity of 12.29%. The firm had revenue of $91.20 million for the quarter, compared to the consensus estimate of $87.48 million. During the same period in the prior year, the firm posted $0.27 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts predict that Progress Software Corporation will post $1.68 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Tuesday, May 30th. Progress Software Corporation’s payout ratio is -42.73%.

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Several brokerages have weighed in on PRGS. BidaskClub cut shares of Progress Software Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Wedbush lifted their price objective on shares of Progress Software Corporation from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, March 30th. Finally, Zacks Investment Research cut shares of Progress Software Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Progress Software Corporation currently has an average rating of “Hold” and an average target price of $31.25.

About Progress Software Corporation

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

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