HL Financial Services LLC increased its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 5.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 108,013 shares of the software maker’s stock after buying an additional 5,384 shares during the period. HL Financial Services LLC owned approximately 0.22% of Progress Software Corporation worth $3,337,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of PRGS. Bank of Montreal Can increased its stake in 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 during the last quarter. Vanguard Group Inc. increased its stake in Progress Software Corporation by 4.7% in the first quarter. Vanguard Group Inc. now owns 4,260,369 shares of the software maker’s stock worth $123,763,000 after buying an additional 192,991 shares during the last quarter. Morgan Stanley increased its stake in Progress Software Corporation by 107.2% in the first quarter. Morgan Stanley now owns 370,821 shares of the software maker’s stock worth $10,773,000 after buying an additional 191,822 shares during the last quarter. Quotient Investors LLC increased its stake in 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 during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Progress Software Corporation by 6.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 608,017 shares of the software maker’s stock worth $17,663,000 after buying an additional 34,154 shares during the last quarter. Institutional investors and hedge funds own 91.31% of the company’s stock.
Shares of Progress Software Corporation (NASDAQ PRGS) traded up 0.15% during mid-day trading on Friday, reaching $32.52. 507,402 shares of the company’s stock were exchanged. Progress Software Corporation has a one year low of $25.55 and a one year high of $32.93. The company has a 50 day moving average price of $31.79 and a 200-day moving average price of $29.85. The stock’s market cap is $1.57 billion.
Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, June 28th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $93.20 million for the quarter, compared to analysts’ expectations of $91.53 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. Progress Software Corporation’s quarterly revenue was down 3.6% on a year-over-year basis. On average, analysts predict that Progress Software Corporation will post $1.77 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Wednesday, August 30th.
A number of analysts recently weighed in on PRGS shares. BidaskClub downgraded Progress Software Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. 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 on the stock in a research report on Wednesday, July 5th. Finally, TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, June 28th. Six equities 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. The company presently has a consensus rating of “Hold” and a consensus target price of $32.25.
About Progress Software Corporation
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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