Jupiter Asset Management Ltd. Reduces Position in Progress Software Co. (NASDAQ:PRGS)

Jupiter Asset Management Ltd. lessened its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 13.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,010 shares of the software maker’s stock after selling 30,621 shares during the period. Jupiter Asset Management Ltd. owned about 0.45% of Progress Software worth $8,636,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Progress Software by 7.0% in the first quarter. BlackRock Inc. now owns 7,806,710 shares of the software maker’s stock valued at $343,965,000 after purchasing an additional 508,081 shares during the period. Bank of New York Mellon Corp lifted its holdings in Progress Software by 10.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,257,695 shares of the software maker’s stock worth $56,836,000 after buying an additional 121,382 shares during the period. Boston Trust Walden Corp lifted its holdings in Progress Software by 7.4% during the first quarter. Boston Trust Walden Corp now owns 1,202,369 shares of the software maker’s stock worth $52,976,000 after buying an additional 83,299 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in Progress Software by 18.0% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 976,194 shares of the software maker’s stock worth $44,114,000 after buying an additional 148,926 shares during the period. Finally, LSV Asset Management lifted its holdings in Progress Software by 58.4% during the first quarter. LSV Asset Management now owns 937,373 shares of the software maker’s stock worth $41,300,000 after buying an additional 345,763 shares during the period. Institutional investors and hedge funds own 92.97% of the company’s stock.

A number of analysts have weighed in on PRGS shares. Guggenheim started coverage on Progress Software in a report on Tuesday. They set a “buy” rating and a $56.00 target price for the company. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, May 27th.

Shares of PRGS stock opened at $46.99 on Friday. The business’s fifty day simple moving average is $44.92. The firm has a market capitalization of $2.07 billion, a P/E ratio of 27.48 and a beta of 1.26. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.90 and a current ratio of 0.90. Progress Software Co. has a 12-month low of $34.05 and a 12-month high of $49.23.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, March 24th. The software maker reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.20. The business had revenue of $131.78 million for the quarter, compared to the consensus estimate of $121.39 million. Progress Software had a return on equity of 36.46% and a net margin of 17.09%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 earnings per share. As a group, sell-side analysts forecast that Progress Software Co. will post 2.92 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Friday, May 28th. Progress Software’s payout ratio is 26.12%.

In other Progress Software news, SVP Jeremy Segal sold 761 shares of the stock in a transaction dated Wednesday, May 5th. The stock was sold at an average price of $43.62, for a total transaction of $33,194.82. The sale was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.

About Progress Software

Progress Software Corporation develops business applications. The company 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; Progress Kinvey, a platform for building enterprise applications; MOVEit that provides secure collaboration and automated file transfers of critical business information; and WhatsUp Gold, a network monitoring solution.

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

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