Systematic Financial Management LP Has $13.14 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Systematic Financial Management LP boosted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 21.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 284,134 shares of the software maker’s stock after acquiring an additional 49,515 shares during the quarter. Systematic Financial Management LP owned 0.65% of Progress Software worth $13,141,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRGS. State of Michigan Retirement System acquired a new stake in Progress Software during the 2nd quarter worth about $26,982,000. BlackRock Inc. lifted its holdings in shares of Progress Software by 7.0% during the 1st quarter. BlackRock Inc. now owns 7,806,710 shares of the software maker’s stock valued at $343,965,000 after buying an additional 508,081 shares during the last quarter. Investment Counselors of Maryland LLC lifted its holdings in shares of Progress Software by 29.6% during the 1st quarter. Investment Counselors of Maryland LLC now owns 990,154 shares of the software maker’s stock valued at $43,626,000 after buying an additional 226,208 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Progress Software by 23.4% during the 2nd quarter. LSV Asset Management now owns 1,156,433 shares of the software maker’s stock valued at $53,485,000 after buying an additional 219,060 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Progress Software by 798.6% during the 2nd quarter. Citigroup Inc. now owns 215,531 shares of the software maker’s stock valued at $9,968,000 after buying an additional 191,546 shares during the last quarter.

Shares of PRGS stock traded up $6.89 during trading on Friday, reaching $53.10. The company had a trading volume of 2,568,074 shares, compared to its average volume of 367,440. The firm’s 50 day simple moving average is $45.80 and its two-hundred day simple moving average is $45.35. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.77 and a quick ratio of 1.77. Progress Software Co. has a one year low of $34.50 and a one year high of $53.86. The company has a market capitalization of $2.32 billion, a PE ratio of 32.38, a PEG ratio of 7.74 and a beta of 1.25.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Wednesday, September 22nd. The software maker reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.36. The business had revenue of $152.60 million for the quarter, compared to the consensus estimate of $131.07 million. Progress Software had a return on equity of 37.43% and a net margin of 15.58%. The firm’s revenue was up 37.6% compared to the same quarter last year. During the same period last year, the business earned $0.67 EPS. Analysts forecast that Progress Software Co. will post 2.93 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.32%. The ex-dividend date is Tuesday, November 30th. Progress Software’s dividend payout ratio is currently 26.12%.

Several equities research analysts have recently issued reports on PRGS shares. Oppenheimer lifted their price target on Progress Software from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Friday. Guggenheim started coverage on Progress Software in a report on Tuesday, June 8th. They set a “buy” rating and a $56.00 price target for the company. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, August 26th. Finally, Citigroup raised their price objective on Progress Software from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $54.40.

Progress Software Company Profile

Progress Software Corp. engages in the provision of a platform, which develops and deploys mission-critical business applications. It operates through the following segments: OpenEdge, Data Connectivity and Integration and Application Development and Deployment. The OpenEdge segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.

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

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