Progress Software Co. (NASDAQ:PRGS) shares sold by Assenagon Asset Management SA
Assenagon Asset Management SA reduced its stake in the shares of Progress Software Co. (NASDAQ: PRGS – Get a rating) by 32.2% during the 1st quarter, according to the company in its latest filing with the Securities and Exchange Commission. The company held 145,381 shares of the software maker after selling 69,014 shares during the period. Assenagon Asset Management SA’s holdings in Progress Software were worth $6,846,000 at the end of the most recent period.
Other hedge funds and other institutional investors have also been buying and selling shares of the company recently. GSA Capital Partners LLP increased its stake in Progress Software by 14.4% during the 4th quarter. GSA Capital Partners LLP now owns 8,674 shares of the software maker worth $419,000 after purchasing an additional 1,089 shares during the period. Yousif Capital Management LLC acquired a new stake in Progress Software during the 4th quarter for a value of approximately $1,931,000. Panagora Asset Management Inc. acquired a new stake in Progress Software during the 4th quarter for a value of approximately $663,000. Systematic Financial Management LP increased its stake in Progress Software by 16.9% during the 4th quarter. Systematic Financial Management LP now owns 344,829 shares of the software maker worth $16,645,000 after buying an additional 49,865 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in Progress Software by 11.8% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 26,634 shares of the software maker worth $1,286,000 after buying 2,808 additional shares during the period. Hedge funds and other institutional investors own 99.46% of the company’s shares.
Separately, CAO Domenic Lococo sold 1,756 shares in a trade that took place on Thursday, May 5. The stock was sold at an average price of $49.08, for a total value of $86,184.48. Following the completion of the sale, the accounting director now directly owns 1,647 shares of the company, valued at $80,834.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CEO Yogesh K. Gupta sold 5,000 shares in a trade that took place on Thursday, April 21. The shares were sold at an average price of $50.20, for a total value of $251,000.00. Following the completion of the sale, the CEO now directly owns 90,000 shares of the company, valued at $4,518,000. Disclosure of this sale can be found here. Insiders sold 21,878 shares of the company valued at $1,051,308 in the past ninety days. Insiders of the company hold 3.20% of the shares of the company.
Shares of PRGS NASDAQ opened at $45.09 on Friday. The stock has a market capitalization of $1.97 billion, a price/earnings ratio of 20.97, a PEG ratio of 6.51 and a beta of 1.05. The company has a 50-day simple moving average of $47.49 and a 200-day simple moving average of $46.36. Progress Software Co. has a 52-week low of $41.68 and a 52-week high of $53.99. The company has a debt ratio of 1.65, a quick ratio of 1.21 and a current ratio of 1.25.
Progress software (NASDAQ: PRGS – Get a rating) last announced its results on Tuesday, June 28. The software maker reported earnings per share (EPS) of $1.04 for the quarter, beating analyst consensus estimates of $0.95 by $0.09. The company posted revenue of $148.70 million in the quarter, compared to $146.45 million expected by analysts. Progress Software achieved a return on equity of 41.13% and a net margin of 16.42%. The company’s revenue increased 15.1% year over year. In the same quarter a year earlier, the company had earned earnings per share of $0.67. On average, analysts predict Progress Software Co. will post 3.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15. Shareholders of record on Thursday, September 1 will receive a dividend of $0.175 per share. The ex-date of this dividend is Wednesday, August 31. This represents a dividend of $0.70 on an annualized basis and a yield of 1.55%. Progress Software’s payout ratio is currently 32.56%.
A number of stock analysts have weighed in on the company recently. Citigroup raised its target price on Progress Software from $48.00 to $52.00 and gave the company a “neutral” rating in a Wednesday, March 30 report. Oppenheimer lowered its price target on Progress Software from $60.00 to $53.00 and set an “outperform” rating on the stock in a Wednesday, June 29 report. Wedbush reiterated an “outperforming” rating on Progress Software shares in a Wednesday, June 29 report. To finish, StockNews.com assumed coverage on Progress Software in a Thursday, March 31 report. They issued a “Strong Buy” rating on the stock. One investment analyst gave the stock a hold rating, three gave the stock a buy rating and one gave the stock a high buy rating. According to data from MarketBeat, Progress Software currently has an average rating of “Buy” and an average price target of $55.00.
Progress Software Profile (Get a rating)
Progress Software Corporation develops, deploys and manages business applications. The company offers OpenEdge, a development software, which creates multilingual applications for secure deployment on various platforms and devices, as well as in the cloud; development tools including components for developing user interfaces for web, mobile, desktop, chat, and AR/VR applications, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and process change, as well as decision-related analytics capabilities.
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