California Public Employees Retirement System Grows Stake in Progress Software Corp (NASDAQ:PRGS)

California Public Employees Retirement System boosted its stake in shares of Progress Software Corp (NASDAQ:PRGS) by 18.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 128,394 shares of the software maker’s stock after purchasing an additional 19,711 shares during the period. California Public Employees Retirement System owned about 0.29% of Progress Software worth $4,887,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. Man Group plc lifted its position in Progress Software by 42.5% during the second quarter. Man Group plc now owns 1,681,780 shares of the software maker’s stock valued at $73,360,000 after purchasing an additional 501,621 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Progress Software during the second quarter valued at $20,310,000. Acadian Asset Management LLC lifted its position in Progress Software by 21.4% during the second quarter. Acadian Asset Management LLC now owns 1,606,709 shares of the software maker’s stock valued at $70,086,000 after purchasing an additional 282,721 shares in the last quarter. Boston Trust Walden Corp lifted its position in Progress Software by 54.7% during the third quarter. Boston Trust Walden Corp now owns 736,106 shares of the software maker’s stock valued at $28,016,000 after purchasing an additional 260,230 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in Progress Software by 20.2% during the second quarter. Prudential Financial Inc. now owns 793,283 shares of the software maker’s stock valued at $34,603,000 after purchasing an additional 133,043 shares in the last quarter. Institutional investors own 91.48% of the company’s stock.

NASDAQ:PRGS opened at $41.56 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.86. The business’s 50-day simple moving average is $39.78 and its two-hundred day simple moving average is $40.73. The stock has a market cap of $1.84 billion, a PE ratio of 19.51 and a beta of 0.82. Progress Software Corp has a 52 week low of $31.78 and a 52 week high of $47.60.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, September 26th. The software maker reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. The business had revenue of $115.52 million for the quarter, compared to analysts’ expectations of $110.83 million. Progress Software had a return on equity of 32.10% and a net margin of 12.16%. The business’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. Sell-side analysts anticipate that Progress Software Corp will post 2.22 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.165 per share. The ex-dividend date is Friday, November 29th. This is a boost from Progress Software’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 1.59%. Progress Software’s dividend payout ratio (DPR) is currently 29.11%.

Several research firms recently weighed in on PRGS. BidaskClub upgraded Progress Software from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Benchmark reiterated a “buy” rating on shares of Progress Software in a research report on Friday, September 27th. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Wednesday, October 2nd. Wedbush reiterated an “outperform” rating and set a $52.00 target price on shares of Progress Software in a research report on Wednesday, September 25th. Finally, Sidoti began coverage on Progress Software in a research report on Tuesday, October 22nd. They set a “buy” rating and a $53.00 target price on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average 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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