BlackRock Inc. Has $290.10 Million Stock Holdings in Progress Software Corp (NASDAQ:PRGS)

BlackRock Inc. boosted its position in Progress Software Corp (NASDAQ:PRGS) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 6,650,593 shares of the software maker’s stock after purchasing an additional 36,423 shares during the quarter. BlackRock Inc. owned about 0.15% of Progress Software worth $290,098,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PRGS. Jefferies Group LLC acquired a new position in shares of Progress Software during the 2nd quarter worth approximately $625,000. Zacks Investment Management acquired a new position in shares of Progress Software during the 2nd quarter worth approximately $258,000. Acadian Asset Management LLC increased its position in shares of Progress Software by 21.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,606,709 shares of the software maker’s stock worth $70,086,000 after purchasing an additional 282,721 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Progress Software by 15.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 952,733 shares of the software maker’s stock worth $38,710,000 after purchasing an additional 126,278 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Progress Software by 1.1% during the 2nd quarter. First Trust Advisors LP now owns 120,545 shares of the software maker’s stock worth $5,258,000 after purchasing an additional 1,323 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ PRGS opened at $41.36 on Friday. The stock has a 50 day moving average of $39.66 and a 200-day moving average of $40.79. The company has a market capitalization of $1.86 billion, a P/E ratio of 19.42 and a beta of 0.82. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.86. Progress Software Corp has a 12 month low of $31.78 and a 12 month high of $47.60.

Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, September 26th. The software maker reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $115.52 million during the quarter, compared to the consensus estimate of $110.83 million. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The company’s revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. Analysts predict that Progress Software Corp will post 2.22 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.165 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.60%. This is a boost from Progress Software’s previous quarterly dividend of $0.16. Progress Software’s payout ratio is 29.11%.

Several research analysts have weighed in on PRGS shares. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Wedbush reaffirmed an “outperform” rating and set a $52.00 price target on shares of Progress Software in a research report on Wednesday, September 25th. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Monday, September 30th. Benchmark reaffirmed a “buy” rating on shares of Progress Software in a research report on Friday, September 27th. Finally, Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $49.40.

Progress Software Company Profile

Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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

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