Louisiana State Employees Retirement System lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 19,700 shares of the software maker’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Progress Software Corporation were worth $609,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Progress Software Corporation by 53,713.4% in the first quarter. BlackRock Inc. now owns 6,118,048 shares of the software maker’s stock worth $177,730,000 after buying an additional 6,106,679 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Progress Software Corporation by 113.2% in the first quarter. JPMorgan Chase & Co. now owns 1,474,493 shares of the software maker’s stock worth $42,834,000 after buying an additional 782,906 shares during the last quarter. Norges Bank purchased a new stake in Progress Software Corporation during the fourth quarter worth $19,052,000. Denver Investment Advisors LLC purchased a new stake in Progress Software Corporation during the first quarter worth $12,307,000. Finally, Ameriprise Financial Inc. raised its stake in Progress Software Corporation by 64.4% in the first quarter. Ameriprise Financial Inc. now owns 609,288 shares of the software maker’s stock worth $17,698,000 after buying an additional 238,716 shares during the last quarter. 91.31% of the stock is owned by institutional investors and hedge funds.
Shares of Progress Software Corporation (NASDAQ PRGS) traded up 0.66% on Tuesday, reaching $32.02. 39,007 shares of the company’s stock traded hands. The company’s 50-day moving average is $30.97 and its 200-day moving average is $29.54. The firm’s market capitalization is $1.55 billion. 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 issued its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a negative net margin of 13.96% and a positive return on equity of 14.39%. The business had revenue of $93.20 million during the quarter, compared to analysts’ expectations of $91.53 million. During the same period in the previous year, the company earned $0.33 earnings per share. Progress Software Corporation’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Progress Software Corporation will post $1.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Wednesday, August 30th.
A number of equities research analysts recently weighed in on PRGS shares. BidaskClub raised shares of Progress Software Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a report on Wednesday, July 5th. Finally, TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a report on Wednesday, June 28th. Six 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. The stock presently has a consensus rating of “Hold” and a consensus target price 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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