Progress Software Corporation (PRGS) Position Raised by Denver Investment Advisors LLC
Denver Investment Advisors LLC boosted its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 428,476 shares of the software maker’s stock after buying an additional 4,840 shares during the period. Denver Investment Advisors LLC’s holdings in Progress Software Corporation were worth $13,236,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can increased its position in shares of 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 during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Progress Software Corporation during the first quarter valued at approximately $126,000. State of Alaska Department of Revenue increased its position in shares of 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 during the period. BlueCrest Capital Management Ltd purchased a new position in shares of Progress Software Corporation during the first quarter valued at approximately $206,000. Finally, Banco BTG Pactual S.A. purchased a new position in shares of Progress Software Corporation during the first quarter valued at approximately $218,000. 91.31% of the stock is owned by hedge funds and other institutional investors.
Progress Software Corporation (NASDAQ:PRGS) opened at 32.51 on Wednesday. The company has a 50-day moving average of $31.62 and a 200-day moving average of $29.78. The company’s market capitalization is $1.57 billion. Progress Software Corporation has a 1-year low of $25.55 and a 1-year high of $32.85.
Progress Software Corporation (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The firm had revenue of $93.20 million during the quarter, compared to analysts’ expectations of $91.53 million. During the same period in the previous year, the company earned $0.33 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities analysts expect 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. Investors of record on Friday, September 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.54%.
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Several brokerages have recently commented on PRGS. BidaskClub downgraded shares of Progress Software Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research note 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 price objective for the company in a research note on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $32.25.
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.
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