Trexquant Investment LP Reduces Position in Progress Software Corporation (NASDAQ:PRGS)
Trexquant Investment LP lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 52.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,198 shares of the software maker’s stock after selling 26,963 shares during the period. Trexquant Investment LP’s holdings in Progress Software Corporation were worth $747,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Guggenheim Capital LLC bought a new stake in shares of Progress Software Corporation during the fourth quarter worth about $979,000. Norges Bank bought a new stake in shares of Progress Software Corporation during the fourth quarter worth about $19,052,000. Bank of Montreal Can increased its stake in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock worth $117,000 after buying an additional 818 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Progress Software Corporation by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the software maker’s stock worth $578,000 after buying an additional 400 shares in the last quarter. Finally, Quotient Investors LLC increased its stake in shares of Progress Software Corporation by 27.1% in the first quarter. Quotient Investors LLC now owns 17,800 shares of the software maker’s stock worth $517,000 after buying an additional 3,800 shares in the last quarter. Hedge funds and other institutional investors own 91.31% of the company’s stock.
Shares of Progress Software Corporation (PRGS) opened at 31.42 on Friday. The company’s market capitalization is $1.52 billion. The stock’s 50 day moving average price is $31.42 and its 200 day moving average price is $29.68. Progress Software Corporation has a 52-week low of $25.55 and a 52-week high of $32.53.
Progress Software Corporation (NASDAQ:PRGS) last posted its earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 14.39% and a negative net margin of 13.96%. The firm had revenue of $93.20 million for the quarter, compared to analyst estimates of $91.53 million. During the same quarter in the prior year, the company earned $0.33 EPS. Progress Software Corporation’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Corporation will post $1.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, August 30th.
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A number of brokerages recently issued reports on PRGS. BidaskClub downgraded Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a research report on Wednesday, July 5th. Finally, TheStreet upgraded Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Progress Software Corporation presently has an average rating of “Hold” and a consensus price target of $32.25.
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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