Bailard Inc. lessened its stake in Progress Software Corp (NASDAQ:PRGS) by 30.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,600 shares of the software maker’s stock after selling 5,100 shares during the quarter. Bailard Inc.’s holdings in Progress Software were worth $412,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of Progress Software in the third quarter valued at approximately $741,000. Panagora Asset Management Inc. lifted its holdings in shares of Progress Software by 4.9% in the third quarter. Panagora Asset Management Inc. now owns 150,689 shares of the software maker’s stock valued at $5,318,000 after purchasing an additional 7,085 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Progress Software by 51.6% in the third quarter. TIAA CREF Investment Management LLC now owns 204,449 shares of the software maker’s stock valued at $7,215,000 after purchasing an additional 69,563 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Progress Software by 79.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 129,655 shares of the software maker’s stock valued at $4,576,000 after purchasing an additional 57,430 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Progress Software by 56.0% during the third quarter. AQR Capital Management LLC now owns 304,706 shares of the software maker’s stock valued at $10,753,000 after acquiring an additional 109,334 shares during the last quarter. Institutional investors own 94.44% of the company’s stock.

Shares of PRGS opened at $36.41 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market cap of $1.69 billion, a P/E ratio of 17.09 and a beta of 0.69. Progress Software Corp has a 12 month low of $30.23 and a 12 month high of $49.74.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, January 17th. The software maker reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.03. The company had revenue of $111.50 million during the quarter, compared to the consensus estimate of $109.35 million. Progress Software had a return on equity of 30.67% and a net margin of 15.99%. Progress Software’s revenue was down 4.2% on a year-over-year basis. During the same period last year, the business posted $0.67 earnings per share. On average, equities research analysts predict that Progress Software Corp will post 1.98 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, March 1st will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Thursday, February 28th. Progress Software’s payout ratio is 29.11%.

PRGS has been the subject of a number of research analyst reports. ValuEngine raised Progress Software from a “sell” rating to a “hold” rating in a research report on Thursday, December 6th. BidaskClub raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 27th. Wedbush reaffirmed a “neutral” rating and set a $38.00 price target on shares of Progress Software in a research report on Friday, November 16th. Finally, Zacks Investment Research downgraded Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Progress Software has an average rating of “Hold” and an average target price of $39.00.

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About Progress Software

Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

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

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