TD Asset Management Inc. Increases Position in Progress Software Corp (PRGS)

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TD Asset Management Inc. lifted its holdings in Progress Software Corp (NASDAQ:PRGS) by 0.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 505,200 shares of the software maker’s stock after purchasing an additional 3,200 shares during the period. TD Asset Management Inc.’s holdings in Progress Software were worth $22,416,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Captrust Financial Advisors lifted its position in shares of Progress Software by 162.4% during the 4th quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock worth $35,000 after buying an additional 614 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Progress Software by 34.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after buying an additional 438 shares during the period. Quantamental Technologies LLC acquired a new position in Progress Software in the 1st quarter valued at $92,000. Bank of Montreal Can increased its stake in Progress Software by 6.7% in the 4th quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock valued at $168,000 after buying an additional 297 shares during the period. Finally, Paloma Partners Management Co acquired a new position in Progress Software in the 4th quarter valued at $248,000. Hedge funds and other institutional investors own 92.72% of the company’s stock.

PRGS has been the topic of several recent research reports. Zacks Investment Research cut shares of Progress Software from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Wedbush boosted their price objective on shares of Progress Software from $36.00 to $42.00 and gave the company 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 equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Progress Software presently has a consensus rating of “Buy” and an average price target of $43.00.

In other news, Director John R. Egan sold 45,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the transaction, the director now directly owns 73,206 shares of the company’s stock, valued at approximately $3,295,002.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Dimitre Taslakov sold 12,999 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $45.50, for a total transaction of $591,454.50. Following the transaction, the insider now directly owns 31,948 shares in the company, valued at $1,453,634. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,695 shares of company stock worth $3,918,650. Corporate insiders own 1.70% of the company’s stock.

NASDAQ:PRGS opened at $42.20 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.18. Progress Software Corp has a fifty-two week low of $30.23 and a fifty-two week high of $47.60. The firm has a market cap of $1.88 billion, a PE ratio of 19.81 and a beta of 0.71.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.08). Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The company had revenue of $89.50 million for the quarter, compared to analyst estimates of $87.64 million. During the same period last year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, equities research analysts expect that Progress Software Corp will post 2.09 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.47%. Progress Software’s dividend payout ratio (DPR) is presently 29.11%.

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Progress Software 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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