RWC Asset Management LLP purchased a new position in shares of Progress Software Corporation (NASDAQ:PRGS) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 300,000 shares of the software maker’s stock, valued at approximately $11,451,000. RWC Asset Management LLP owned about 0.63% of Progress Software at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverhead Capital Management LLC raised its stake in shares of Progress Software by 76.5% during the second quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock worth $109,000 after buying an additional 1,530 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Progress Software by 0.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares in the last quarter. Amalgamated Bank bought a new stake in Progress Software in the second quarter valued at approximately $206,000. ETRADE Capital Management LLC bought a new stake in Progress Software in the second quarter valued at approximately $213,000. Finally, Pacad Investment Ltd. increased its stake in Progress Software by 5.8% in the second quarter. Pacad Investment Ltd. now owns 7,300 shares of the software maker’s stock valued at $225,000 after purchasing an additional 400 shares in the last quarter. 93.71% of the stock is owned by institutional investors and hedge funds.

PRGS has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, September 22nd. Benchmark reaffirmed a “buy” rating and issued a $42.00 target price (up previously from $34.00) on shares of Progress Software in a research note on Wednesday, September 13th. BidaskClub raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. ValuEngine downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $32.00 target price on shares of Progress Software in a research note on Monday, September 18th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Progress Software currently has a consensus rating of “Hold” and a consensus target price of $37.50.

Progress Software Corporation (PRGS) opened at $41.17 on Wednesday. The firm has a market cap of $1,979.25, a P/E ratio of 25.24 and a beta of 0.65. Progress Software Corporation has a 1-year low of $27.16 and a 1-year high of $42.97. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.28.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, September 27th. The software maker reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.08. The company had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. Progress Software had a negative net margin of 13.23% and a positive return on equity of 20.30%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. sell-side analysts expect that Progress Software Corporation will post 1.65 EPS for the current fiscal year.

Progress Software declared that its board has authorized a stock buyback plan on Wednesday, September 27th that authorizes the company to repurchase $159.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

WARNING: “RWC Asset Management LLP Purchases Shares of 300,000 Progress Software Corporation (PRGS)” was originally published by Watch List News and is the sole property of of Watch List News. If you are accessing this article on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The original version of this article can be read at https://www.watchlistnews.com/rwc-asset-management-llp-purchases-shares-of-300000-progress-software-corporation-prgs/1760825.html.

Progress Software 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.

Want to see what other hedge funds are holding PRGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progress Software Corporation (NASDAQ:PRGS).

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

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with Analyst Ratings Network's FREE daily email newsletter.