Capstone Asset Management Co. Sells 910 Shares of Progress Software Corporation (NASDAQ:PRGS)
Capstone Asset Management Co. reduced its stake in Progress Software Corporation (NASDAQ:PRGS) by 7.9% during the second quarter, Holdings Channel reports. The institutional investor owned 10,559 shares of the software maker’s stock after selling 910 shares during the period. Capstone Asset Management Co.’s holdings in Progress Software Corporation were worth $326,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Bank of Montreal Can increased its stake in Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Progress Software Corporation during the first quarter valued at approximately $126,000. State of Alaska Department of Revenue increased its stake in Progress Software Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 5,380 shares of the software maker’s stock valued at $156,000 after buying an additional 130 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in Progress Software Corporation during the first quarter valued at approximately $206,000. Finally, Banco BTG Pactual S.A. acquired a new stake in Progress Software Corporation during the first quarter valued at approximately $218,000. 91.31% of the stock is owned by institutional investors.
Progress Software Corporation (PRGS) traded up 2.58% during mid-day trading on Friday, reaching $32.23. 1,029,989 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $31.49 and a 200-day moving average price of $29.71. Progress Software Corporation has a 1-year low of $25.55 and a 1-year high of $32.53. The stock’s market cap is $1.56 billion.
Progress Software Corporation (NASDAQ:PRGS) last announced its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.05. The firm had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS. Equities research analysts anticipate that Progress Software Corporation will post $1.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.125 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 1.55%.
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Several analysts have commented on the stock. BidaskClub downgraded shares of Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 target price for the company in a research report on Wednesday, July 5th. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $32.25.
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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