Northern Trust Corp grew its holdings in Progress Software Corporation (NASDAQ:PRGS) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 989,122 shares of the software maker’s stock after acquiring an additional 15,430 shares during the quarter. Northern Trust Corp owned 2.05% of Progress Software Corporation worth $30,554,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PRGS. BlackRock Inc. boosted its holdings in Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after acquiring an additional 6,106,679 shares in the last quarter. Oaktop Capital Management II L.P. acquired a new stake in Progress Software Corporation in the second quarter worth about $18,921,000. JPMorgan Chase & Co. boosted its holdings in Progress Software Corporation by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock worth $56,630,000 after acquiring an additional 358,804 shares in the last quarter. Marshall Wace North America L.P. boosted its holdings in Progress Software Corporation by 176.6% in the second quarter. Marshall Wace North America L.P. now owns 321,624 shares of the software maker’s stock worth $9,970,000 after acquiring an additional 205,366 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Progress Software Corporation by 4.7% in the first quarter. Vanguard Group Inc. now owns 4,260,369 shares of the software maker’s stock worth $123,763,000 after acquiring an additional 192,991 shares in the last quarter. 92.20% of the stock is owned by institutional investors and hedge funds.

Shares of Progress Software Corporation (PRGS) opened at 41.55 on Thursday. The company’s 50 day moving average price is $37.59 and its 200-day moving average price is $32.34. Progress Software Corporation has a 12-month low of $26.23 and a 12-month high of $41.63. The firm’s market cap is $1.99 billion.

Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The firm had revenue of $97.60 million for the quarter, compared to the consensus estimate of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. On average, equities research analysts anticipate that Progress Software Corporation will post $1.85 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Thursday, November 30th. This is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is currently -45.87%.

Progress Software Corporation declared that its board has initiated 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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A number of research firms recently commented on PRGS. Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Friday, September 15th. Wedbush reaffirmed a “neutral” rating and set a $32.00 target price on shares of Progress Software Corporation in a report on Monday, September 18th. Benchmark Co. reaffirmed a “buy” rating and set a $42.00 target price (up previously from $34.00) on shares of Progress Software Corporation in a report on Wednesday, September 13th. Finally, BidaskClub raised Progress Software Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $37.50.

Progress Software Corporation Company 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 Corporation (NASDAQ:PRGS)

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