Banco BTG Pactual S.A. Takes Position in Progress Software Corporation (PRGS)

Banco BTG Pactual S.A. acquired a new stake in Progress Software Corporation (NASDAQ:PRGS) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 7,500 shares of the software maker’s stock, valued at approximately $218,000.

Other hedge funds also recently modified their holdings of the company. Bank of Montreal Can increased its stake in shares of Progress Software Corporation by 25.3% in the first quarter. Bank of Montreal Can now owns 4,049 shares of the software maker’s stock valued at $117,000 after buying an additional 818 shares during the period. Elkfork Partners LLC bought a new stake in shares of Progress Software Corporation during the fourth quarter valued at approximately $136,000. Ameritas Investment Partners Inc. bought a new stake in shares of Progress Software Corporation during the first quarter valued at approximately $126,000. State of Alaska Department of Revenue increased its stake in shares of Progress Software Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 5,380 shares of the software maker’s stock valued at $156,000 after buying an additional 130 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Progress Software Corporation by 2.9% in the first quarter. Sei Investments Co. now owns 7,573 shares of the software maker’s stock valued at $220,000 after buying an additional 215 shares during the period. 91.57% of the stock is owned by hedge funds and other institutional investors.

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

Progress Software Corporation (NASDAQ:PRGS) traded up 0.220% during mid-day trading on Tuesday, reaching $29.625. The company’s stock had a trading volume of 68,469 shares. Progress Software Corporation has a 12-month low of $24.20 and a 12-month high of $32.47. The firm’s market cap is $1.42 billion. The company has a 50-day moving average price of $29.50 and a 200-day moving average price of $29.58.

Progress Software Corporation (NASDAQ:PRGS) last posted its earnings results on Wednesday, March 29th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.08. The company had revenue of $91.20 million during the quarter, compared to the consensus estimate of $87.48 million. Progress Software Corporation had a negative net margin of 14.62% and a positive return on equity of 12.29%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, equities research analysts expect that Progress Software Corporation will post $1.68 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were given a dividend of $0.125 per share. The ex-dividend date was Tuesday, May 30th. This represents a $0.50 dividend on an annualized basis and a yield of 1.69%. Progress Software Corporation’s dividend payout ratio is presently -42.73%.

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Several analysts have recently commented on the company. Wedbush increased their price objective on Progress Software Corporation from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, March 30th. BidaskClub downgraded Progress Software Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Zacks Investment Research downgraded Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $31.25.

About Progress Software Corporation

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

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