Piermont Capital Management Inc. Has $3.09 Million Position in Progress Software Corporation (PRGS)

Piermont Capital Management Inc. decreased its position in Progress Software Corporation (NASDAQ:PRGS) by 19.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 100,032 shares of the software maker’s stock after selling 23,490 shares during the quarter. Progress Software Corporation comprises about 0.9% of Piermont Capital Management Inc.’s holdings, making the stock its 13th largest position. Piermont Capital Management Inc. owned 0.21% of Progress Software Corporation worth $3,090,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Bank of Montreal Can increased its stake in shares of Progress Software Corporation by 25.3% during the 1st quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after acquiring an additional 818 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Progress Software Corporation by 7.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 69,911 shares of the software maker’s stock valued at $2,029,000 after acquiring an additional 5,085 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Progress Software Corporation by 220.7% during the 1st quarter. First Trust Advisors LP now owns 51,109 shares of the software maker’s stock valued at $1,485,000 after acquiring an additional 35,172 shares during the last quarter. US Bancorp DE increased its stake in shares of Progress Software Corporation by 0.6% during the 1st quarter. US Bancorp DE now owns 24,269 shares of the software maker’s stock valued at $706,000 after acquiring an additional 143 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Progress Software Corporation by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 782,074 shares of the software maker’s stock valued at $22,720,000 after acquiring an additional 39,044 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on the stock. Wedbush reaffirmed a “neutral” rating and set a $32.00 price objective on shares of Progress Software Corporation in a research note on Monday, September 18th. Zacks Investment Research raised shares of Progress Software Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Friday. Benchmark Co. reaffirmed a “buy” rating and set a $42.00 price objective (up previously from $34.00) on shares of Progress Software Corporation in a research note on Wednesday, September 13th. BidaskClub raised shares of Progress Software Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Finally, TheStreet raised shares of Progress Software Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $37.50.

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Progress Software Corporation (NASDAQ:PRGS) traded up 0.65% during mid-day trading on Friday, reaching $37.29. 325,408 shares of the company were exchanged. Progress Software Corporation has a 12 month low of $25.55 and a 12 month high of $38.51. The company’s market cap is $1.80 billion. The stock’s 50-day moving average is $33.44 and its 200-day moving average is $30.75.

Progress Software Corporation (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, June 28th. The software maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.05. Progress Software Corporation had a positive return on equity of 18.10% and a negative net margin of 13.96%. The firm had revenue of $93.20 million during the quarter, compared to analyst estimates of $91.53 million. During the same period last year, the company posted $0.33 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that Progress Software Corporation will post $1.80 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Progress Software Corporation’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 1.50%. Progress Software Corporation’s dividend payout ratio (DPR) is presently -42.74%.

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

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