Teacher Retirement System of Texas increased its stake in Progress Software Co. (NASDAQ:PRGS – Get Rating) by 257.0% in the third quarter, according to its latest SEC filing. The fund held an additional 25,849 shares in the software maker after he purchased an additional 18,609 shares during the period. Teacher Retirement System of Texas owned approximately 0.06% of $1,100,000 worth of Progress Software as of its latest filing with the SEC.
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Several other institutional investors and hedge funds have also recently changed positions in the business. Raymond James & Associates boosted his position in Progress Software by 23.6% in the first quarter. Raymond James & Associates owns his 50,145 shares of the software maker worth $2,361,000 after purchasing an additional 9,590 of his shares during this period. PNC Financial Services Group Inc. increased its position in Progress Software by 19.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker worth $322,000 after purchasing an additional 1,108 shares during this period. MetLife Investment Management LLC increased its position in Progress Software by 57.1% in the first quarter. After purchasing an additional 8,470 shares during this period, MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000. Rhumbline Advisers increased its position in Progress Software by 7.3% in the first quarter. After purchasing an additional 7,594 shares during this period, Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000. Finally, Pennsylvania Public Schools Empls Retrmt SYS increased its position in Progress Software by 14.9% in the first quarter. Pennsylvania Public Schools employee Retrmt SYS now owns 38,088 shares of software maker stock valued at $1,794,000 after purchasing an additional 4,951 shares during this period.
Wall Street Analyst Predicts Growth
Several equity research analysts are eyeing PRGS shares. Guggenheim reissued a “buy” rating and set his $60.00 price target on Progress Software shares in his research report on Tuesday, January 24. StockNews.com upgraded Progress Software’s stock from a Buy rating to a Strong Buy rating in its research report on Thursday, November 3rd. The company’s stock was given a hold rating by two analysts, a buy rating by three analysts, and a strong buy rating by one analyst. Based on MarketBeat.com data, the company’s consensus rating is a “moderate buy” with an average target price of $52.75.
Progress Software Trading Up 2.0%
NASDAQ:PRGS opened Wednesday at $53.04. Progress Software Co. has a 12-month low of $40.33 and a 12-month high of $54.23. The stock has a market cap of $2.3 billion, a price/earnings ratio of 24.56, a P/E/G ratio of 7.56, and a beta of 1.05. The company has a 50-day moving average price of $51.88 and a 200-day moving average price of $48.96. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt to equity ratio of 1.54.
Progress Software (NASDAQ:PRGS – Get Rating) last reported quarterly results on Tuesday, January 17. The software maker reported that his earnings per share (EPS) for the quarter was $0.91. This is below analyst consensus expectations of his $0.93 ($0.02). Progress Software’s net profit margin was 15.79% and return on equity was 41.04%. The business generated $159.17 million in revenue for the quarter, compared to analyst expectations of $163.04 million. During the same period last year, the business earned him $0.92 per share. The company’s revenue increased by 10.7% year-on-year. Equity analysts expect Progress Software Co. to post 3.44 EPS this year.
Progress Software Dividend Announcement
The company recently announced a quarterly dividend payable on Wednesday, March 15th. Investors of record on Wednesday, March 1 will receive a dividend of $0.175 per share. The ex-dividend date is Tuesday, February 28. This represents his $0.70 dividend and his 1.32% yield on an annual basis. Progress Software’s Dividend Payout Ratio (DPR) is currently 32.41%.
Insider activity at Progress Software
In related news, EVP Loren Jarrett sold 4,215 shares of Progress Software stock in a transaction on Friday, November 4th. The shares sold for an average of $48.95, and the total transaction value he had was $206,324.25. Following the closing of the transaction, the Executive Vice President now directly owns 15,455 shares of the Company’s stock valued at approximately $756,522.25. The sale was disclosed in SEC filings available at this hyperlink. In his other Progress Software news, CEO Yogesh K. Gupta sold 10,000 shares of the company’s stock in his Tuesday, January 17th deal. The shares sold at an average price of $53.66 for a total transaction value of $536,600.00. Following the closing of the sale, the CEO now owns 20,000 shares of the company directly, valued at approximately $1,073,200. The deal is disclosed in documents filed with the SEC and can be accessed at the SEC’s website. EVP Loren Jarrett also sold 4,215 shares of the company’s stock in a transaction on Friday, November 4th. The shares sold for an average of $48.95, and the total transaction value he had was $206,324.25. After the sale, the Executive Vice President now owns 15,455 shares of the company stock valued at $756,522.25. Please see here for the disclosure of this sale. Insiders say he sold a total of 48,574 company shares worth $2,537,862 in the past three months. A company insider owns his 3.20% of the company’s shares.
About Progress Software
Progress Software Corp. is a global software company engaged in providing products for developing and deploying mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.
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