Virtu KCG Holdings LLC lessened its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 58.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,133 shares of the software maker’s stock after selling 10,113 shares during the period. Virtu KCG Holdings LLC’s holdings in Progress Software Corporation were worth $220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Progress Software Corporation by 53,713.4% during the 1st 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 during the period. Vanguard Group Inc. lifted its holdings in shares of Progress Software Corporation by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,328,238 shares of the software maker’s stock worth $133,700,000 after acquiring an additional 67,869 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Progress Software Corporation by 24.3% during the 2nd 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 during the period. State Street Corp lifted its holdings in shares of Progress Software Corporation by 4.7% during the 1st quarter. State Street Corp now owns 1,214,179 shares of the software maker’s stock worth $35,272,000 after acquiring an additional 54,836 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Progress Software Corporation by 1.6% during the 2nd quarter. Northern Trust Corp now owns 989,122 shares of the software maker’s stock worth $30,554,000 after acquiring an additional 15,430 shares during the period. 92.47% of the stock is owned by institutional investors.

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

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Progress Software Corporation (NASDAQ PRGS) opened at 42.65 on Friday. The firm’s market capitalization is $2.04 billion. Progress Software Corporation has a 52-week low of $26.23 and a 52-week high of $42.90. The company’s 50-day moving average is $38.70 and its 200-day moving average is $32.80.

Progress Software Corporation (NASDAQ:PRGS) last announced its earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.08. Progress Software Corporation had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business had revenue of $97.60 million during the quarter, compared to analyst estimates of $97.60 million. During the same period in the previous year, the business posted $0.44 earnings per share. Progress Software Corporation’s revenue for the quarter was down 4.7% on a year-over-year basis. Analysts forecast that Progress Software Corporation will post $1.85 EPS for the current fiscal year.

Progress Software Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.31%. Progress Software Corporation’s payout ratio is presently -45.87%.

Progress Software Corporation 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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