Citadel Advisors LLC reduced its stake in Progress Software Corp (NASDAQ:PRGS) by 51.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 134,438 shares of the software maker’s stock after selling 143,166 shares during the period. Citadel Advisors LLC owned approximately 0.30% of Progress Software worth $4,744,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Itau Unibanco Holding S.A. purchased a new position in shares of Progress Software in the 2nd quarter worth $140,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Progress Software in the 3rd quarter worth $146,000. Charter Trust Co. purchased a new position in shares of Progress Software in the 2nd quarter worth $200,000. Ifrah Financial Services Inc. purchased a new position in shares of Progress Software in the 3rd quarter worth $213,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Progress Software by 85.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 9,051 shares of the software maker’s stock worth $320,000 after buying an additional 4,163 shares in the last quarter. Institutional investors own 92.46% of the company’s stock.
In related news, insider Dimitre Taslakov sold 2,000 shares of Progress Software stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the completion of the transaction, the insider now directly owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.
PRGS stock opened at $33.86 on Friday. Progress Software Corp has a 12 month low of $30.23 and a 12 month high of $53.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $1.53 billion, a P/E ratio of 19.69 and a beta of 0.90.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Thursday, September 27th. The software maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The firm had revenue of $95.79 million during the quarter, compared to analysts’ expectations of $96.98 million. During the same period in the previous year, the company earned $0.48 EPS. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, research analysts expect that Progress Software Corp will post 2.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, November 30th. This is a boost from Progress Software’s previous quarterly dividend of $0.14. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.83%. Progress Software’s payout ratio is currently 36.05%.
PRGS has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Progress Software from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. Wedbush reissued a “neutral” rating and issued a $38.00 price objective on shares of Progress Software in a research note on Friday, November 16th. BidaskClub raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 27th. Finally, ValuEngine raised shares of Progress Software from a “sell” rating to a “hold” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $39.00.
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Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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