5,136 Shares in Progress Software Corp (NASDAQ:PRGS) Purchased by 1492 Capital Management LLC
1492 Capital Management LLC acquired a new position in Progress Software Corp (NASDAQ:PRGS) in the first quarter, Holdings Channel reports. The institutional investor acquired 5,136 shares of the software maker’s stock, valued at approximately $228,000.
Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Progress Software by 0.3% in the first quarter. BlackRock Inc. now owns 6,614,170 shares of the software maker’s stock worth $293,471,000 after buying an additional 21,168 shares during the last quarter. Praesidium Investment Management Company LLC lifted its stake in shares of Progress Software by 328.4% in the fourth quarter. Praesidium Investment Management Company LLC now owns 1,184,265 shares of the software maker’s stock worth $42,030,000 after buying an additional 907,857 shares during the last quarter. Norges Bank acquired a new stake in shares of Progress Software in the fourth quarter worth $38,458,000. Northern Trust Corp lifted its stake in shares of Progress Software by 1.6% in the first quarter. Northern Trust Corp now owns 921,205 shares of the software maker’s stock worth $40,874,000 after buying an additional 14,376 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Progress Software by 202.0% in the fourth quarter. Bank of America Corp DE now owns 837,693 shares of the software maker’s stock worth $29,729,000 after buying an additional 560,343 shares during the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.
A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a research note on Thursday, April 4th. Wedbush boosted their target price on shares of Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, March 29th. Finally, ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $43.00.
Progress Software (NASDAQ:PRGS) last announced its earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.08). Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The company had revenue of $89.50 million for the quarter, compared to the consensus estimate of $87.64 million. During the same period last year, the firm posted $0.54 EPS. The company’s revenue was down 6.3% compared to the same quarter last year. Analysts predict that Progress Software Corp will post 2.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is currently 29.11%.
In other Progress Software news, insider Dimitre Taslakov sold 12,999 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $45.50, for a total value of $591,454.50. Following the sale, the insider now owns 31,948 shares of the company’s stock, valued at approximately $1,453,634. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Egan sold 45,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the completion of the sale, the director now directly owns 73,206 shares in the company, valued at approximately $3,295,002.06. The disclosure for this sale can be found here. Insiders have sold 86,695 shares of company stock worth $3,918,650 in the last ninety days. 1.70% of the stock is currently owned by insiders.
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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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