Lazard Asset Management LLC Increases Position in Progress Software Co. (NASDAQ:PRGS)

Lazard Asset Management LLC raised its holdings in shares of Progress Software Co. (NASDAQ:PRGSGet Rating) by 236.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,753 shares of the software maker’s stock after buying an additional 3,341 shares during the period. Lazard Asset Management LLC’s holdings in Progress Software were worth $215,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Rice Hall James & Associates LLC boosted its position in Progress Software by 10.5% during the second quarter. Rice Hall James & Associates LLC now owns 237,330 shares of the software maker’s stock valued at $10,751,000 after buying an additional 22,455 shares during the period. Texas Permanent School Fund boosted its position in Progress Software by 1.1% during the second quarter. Texas Permanent School Fund now owns 31,682 shares of the software maker’s stock valued at $1,435,000 after buying an additional 360 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Progress Software during the second quarter valued at about $265,000. Seizert Capital Partners LLC boosted its position in Progress Software by 275.2% during the second quarter. Seizert Capital Partners LLC now owns 734,925 shares of the software maker’s stock valued at $33,292,000 after buying an additional 539,050 shares during the period. Finally, State of New Jersey Common Pension Fund D purchased a new stake in Progress Software during the second quarter valued at about $2,204,000. 98.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progress Software news, CAO Domenic Lococo sold 2,396 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $52.07, for a total value of $124,759.72. Following the sale, the chief accounting officer now owns 1,386 shares in the company, valued at $72,169.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Progress Software news, EVP Loren Jarrett sold 4,215 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $48.95, for a total value of $206,324.25. Following the sale, the executive vice president now owns 15,455 shares in the company, valued at $756,522.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Domenic Lococo sold 2,396 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $52.07, for a total transaction of $124,759.72. Following the completion of the sale, the chief accounting officer now owns 1,386 shares in the company, valued at approximately $72,169.02. The disclosure for this sale can be found here. Insiders sold a total of 18,806 shares of company stock valued at $883,140 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Progress Software Price Performance

PRGS stock opened at $51.60 on Monday. Progress Software Co. has a 1 year low of $40.33 and a 1 year high of $52.93. The company has a market cap of $2.22 billion, a P/E ratio of 26.46, a PEG ratio of 7.46 and a beta of 1.05. The firm has a 50-day moving average of $46.92 and a 200 day moving average of $47.20. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.30 and a quick ratio of 1.30.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings results on Tuesday, September 27th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The company had revenue of $153.06 million during the quarter, compared to the consensus estimate of $148.10 million. During the same period in the prior year, the firm earned $1.06 earnings per share. Progress Software’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Progress Software Co. will post 3.46 EPS for the current year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Wednesday, November 30th. Progress Software’s payout ratio is currently 35.90%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Citigroup cut their price target on shares of Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29th. Guggenheim initiated coverage on shares of Progress Software in a research note on Friday, August 12th. They set a “buy” rating and a $60.00 price objective for the company. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Progress Software in a research note on Friday, September 9th. They set a “hold” rating and a $52.00 price objective for the company. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.75.

About Progress Software

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, 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 change process, and decision-related insight capabilities.

See Also

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

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