Progress Software Corp (PRGS) Short Interest Down 41.4% in March
Progress Software Corp (NASDAQ:PRGS) saw a significant drop in short interest in March. As of March 29th, there was short interest totalling 531,251 shares, a drop of 41.4% from the March 15th total of 906,455 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 742,949 shares, the short-interest ratio is currently 0.7 days.
In other Progress Software news, Director John R. Egan sold 20,000 shares of Progress Software stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the completion of the transaction, the director now directly owns 73,206 shares of the company’s stock, valued at approximately $3,312,571.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Francis Kane sold 7,764 shares of Progress Software stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $45.58, for a total transaction of $353,883.12. Following the completion of the transaction, the director now directly owns 80,890 shares of the company’s stock, valued at $3,686,966.20. The disclosure for this sale can be found here. Insiders have sold 72,764 shares of company stock valued at $3,284,333 over the last ninety days. 1.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund bought a new stake in shares of Progress Software in the 4th quarter worth about $606,000. Great West Life Assurance Co. Can lifted its holdings in shares of Progress Software by 4.7% in the 4th quarter. Great West Life Assurance Co. Can now owns 58,808 shares of the software maker’s stock worth $1,926,000 after acquiring an additional 2,661 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Progress Software by 11.3% in the 4th quarter. Prudential Financial Inc. now owns 644,191 shares of the software maker’s stock worth $22,862,000 after acquiring an additional 65,237 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Progress Software by 5.9% in the 4th quarter. Arizona State Retirement System now owns 69,150 shares of the software maker’s stock worth $2,454,000 after acquiring an additional 3,850 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of Progress Software by 51.6% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 204,449 shares of the software maker’s stock worth $7,215,000 after acquiring an additional 69,563 shares during the last quarter. Hedge funds and other institutional investors own 96.56% of the company’s stock.
Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.08). The firm had revenue of $89.50 million during the quarter, compared to the consensus estimate of $87.64 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. Progress Software’s revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. Research analysts forecast that Progress Software will post 2.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.155 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.62 annualized dividend and a dividend yield of 1.35%. Progress Software’s dividend payout ratio (DPR) is presently 29.11%.
A number of brokerages have commented on PRGS. Zacks Investment Research raised shares of Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a research note on Thursday, April 4th. Wedbush lifted their price objective on shares of Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Friday, March 29th. Finally, ValuEngine raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Saturday, March 30th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Progress Software currently has a consensus rating of “Buy” and an average price target of $43.00.
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About Progress Software
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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