Stock Traders Purchase High Volume of Progress Software Put Options (PRGS)
Progress Software Co. (NASDAQ:PRGS) saw unusually large options trading on Wednesday. Stock traders bought 595 put options on the company. This is an increase of approximately 1,090% compared to the average volume of 50 put options.
A number of research firms have recently commented on PRGS. Zacks Investment Research raised Progress Software from a “hold” rating to a “strong-buy” rating and set a $60.00 price target on the stock in a research report on Thursday, January 18th. BidaskClub lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. Benchmark lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Thursday, March 8th. Finally, ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $46.33.
Institutional investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB acquired a new stake in Progress Software in the 4th quarter valued at approximately $235,000. Hartford Investment Management Co. acquired a new stake in Progress Software in the 3rd quarter valued at approximately $286,000. Vident Investment Advisory LLC acquired a new stake in Progress Software in the 3rd quarter valued at approximately $338,000. Meeder Asset Management Inc. raised its position in Progress Software by 392.2% in the 4th quarter. Meeder Asset Management Inc. now owns 8,037 shares of the software maker’s stock valued at $341,000 after buying an additional 6,404 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in Progress Software in the 4th quarter valued at approximately $356,000. 94.26% of the stock is currently owned by institutional investors and hedge funds.
Progress Software (NASDAQ:PRGS) last announced its earnings results on Wednesday, January 10th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.13. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. The business had revenue of $116.30 million for the quarter, compared to analyst estimates of $114.33 million. During the same quarter last year, the firm earned $0.62 EPS. Progress Software’s revenue for the quarter was down 1.4% compared to the same quarter last year. research analysts forecast that Progress Software will post 1.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Wednesday, February 28th. Progress Software’s dividend payout ratio is presently 72.73%.
Progress Software 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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