American International Group Inc. lifted its stake in Progress Software Corporation (NASDAQ:PRGS) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,801 shares of the software maker’s stock after buying an additional 2,049 shares during the period. American International Group Inc. owned approximately 0.08% of Progress Software worth $1,443,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Aperio Group LLC boosted its holdings in Progress Software by 7.5% in the second quarter. Aperio Group LLC now owns 25,312 shares of the software maker’s stock valued at $782,000 after purchasing an additional 1,757 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Progress Software by 54.0% in the second quarter. Russell Investments Group Ltd. now owns 232,502 shares of the software maker’s stock valued at $7,183,000 after purchasing an additional 81,494 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in Progress Software by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 11,510 shares of the software maker’s stock valued at $356,000 after purchasing an additional 460 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Progress Software by 2.4% in the second quarter. Great West Life Assurance Co. Can now owns 71,623 shares of the software maker’s stock valued at $2,211,000 after purchasing an additional 1,712 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Progress Software by 37.1% in the second quarter. Sei Investments Co. now owns 10,382 shares of the software maker’s stock valued at $321,000 after purchasing an additional 2,809 shares during the last quarter. 93.71% of the stock is owned by institutional investors.

Progress Software Corporation (PRGS) opened at $40.84 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. Progress Software Corporation has a 1-year low of $27.16 and a 1-year high of $42.97. The company has a market capitalization of $1,980.68, a P/E ratio of 25.26 and a beta of 0.65.

Progress Software (NASDAQ:PRGS) last released its earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. Progress Software had a positive return on equity of 20.30% and a negative net margin of 13.23%. The company had revenue of $97.60 million for the quarter, compared to the consensus estimate of $97.60 million. During the same quarter last year, the business posted $0.44 EPS. Progress Software’s quarterly revenue was down 4.7% compared to the same quarter last year. sell-side analysts expect that Progress Software Corporation will post 1.65 earnings per share for the current year.

Progress Software declared that its board has approved a share repurchase program on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of research analysts recently commented on PRGS shares. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, September 28th. Benchmark reissued a “buy” rating and issued a $42.00 price target (up previously from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Wedbush reaffirmed a “neutral” rating and set a $32.00 target price on shares of Progress Software in a report on Monday, September 18th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Progress Software presently has an average rating of “Hold” and an average price target of $37.50.

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Progress Software Profile

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.

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

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