Riverhead Capital Management LLC increased its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 76.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,530 shares of the software maker’s stock after acquiring an additional 1,530 shares during the period. Riverhead Capital Management LLC’s holdings in Progress Software Corporation were worth $109,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. AJO LP lifted its position in Progress Software Corporation by 73.5% during the 2nd quarter. AJO LP now owns 332,437 shares of the software maker’s stock worth $10,269,000 after acquiring an additional 140,868 shares in the last quarter. Capital Fund Management S.A. lifted its position in Progress Software Corporation by 147.6% during the 2nd quarter. Capital Fund Management S.A. now owns 91,600 shares of the software maker’s stock worth $2,830,000 after acquiring an additional 54,600 shares in the last quarter. Martingale Asset Management L P lifted its position in Progress Software Corporation by 0.9% during the 2nd quarter. Martingale Asset Management L P now owns 246,059 shares of the software maker’s stock worth $7,601,000 after acquiring an additional 2,100 shares in the last quarter. Alliancebernstein L.P. lifted its position in Progress Software Corporation by 93.6% during the 2nd quarter. Alliancebernstein L.P. now owns 154,511 shares of the software maker’s stock worth $4,773,000 after acquiring an additional 74,720 shares in the last quarter. Finally, AXA lifted its position in Progress Software Corporation by 14.3% during the 2nd quarter. AXA now owns 164,300 shares of the software maker’s stock worth $5,075,000 after acquiring an additional 20,600 shares in the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Progress Software Corporation (NASDAQ PRGS) opened at 40.03 on Friday. The firm’s 50-day moving average price is $35.80 and its 200 day moving average price is $31.59. Progress Software Corporation has a 12-month low of $26.23 and a 12-month high of $40.20. The stock’s market capitalization is $1.92 billion.

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

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

The firm also recently announced 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 is an increase from Progress Software Corporation’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, November 30th. This represents a $0.56 annualized dividend and a yield of 1.40%. Progress Software Corporation’s dividend payout ratio is presently -45.87%.

Several equities analysts recently commented on PRGS shares. BidaskClub raised Progress Software Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Zacks Investment Research raised Progress Software Corporation from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Friday, September 15th. TheStreet raised Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Finally, Benchmark Co. reissued a “buy” rating and set a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday, September 13th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Progress Software Corporation currently has a consensus rating of “Hold” and a consensus target price of $37.50.

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

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