Sumitomo Mitsui Trust Holdings Inc. Has $1.43 Million Stake in Progress Software Corp (NASDAQ:PRGS)

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Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in Progress Software Corp (NASDAQ:PRGS) by 4.4% in the fourth quarter, Holdings Channel reports. The fund owned 34,500 shares of the software maker’s stock after selling 1,600 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Progress Software were worth $1,433,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of PRGS. Boston Trust Walden Corp raised its holdings in Progress Software by 54.7% during the third quarter. Boston Trust Walden Corp now owns 736,106 shares of the software maker’s stock worth $28,016,000 after acquiring an additional 260,230 shares in the last quarter. Millennium Management LLC raised its holdings in Progress Software by 200.7% during the third quarter. Millennium Management LLC now owns 187,592 shares of the software maker’s stock worth $7,139,000 after acquiring an additional 125,212 shares in the last quarter. First Trust Advisors LP raised its holdings in Progress Software by 861.2% during the first quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock worth $5,290,000 after acquiring an additional 106,818 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Progress Software by 197.1% during the third quarter. Squarepoint Ops LLC now owns 150,647 shares of the software maker’s stock worth $5,734,000 after acquiring an additional 99,945 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in Progress Software by 54.5% during the fourth quarter. California Public Employees Retirement System now owns 198,375 shares of the software maker’s stock worth $8,242,000 after acquiring an additional 69,981 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

PRGS traded down $0.09 on Friday, hitting $45.37. 3,124 shares of the company were exchanged, compared to its average volume of 413,647. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 1.18. The stock’s fifty day moving average is $44.84 and its 200-day moving average is $41.31. The company has a market cap of $2.04 billion, a PE ratio of 78.42 and a beta of 0.79. Progress Software Corp has a 12 month low of $35.68 and a 12 month high of $52.50.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Thursday, January 16th. The software maker reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.04. The firm had revenue of $123.42 million for the quarter, compared to analyst estimates of $118.30 million. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.76 earnings per share. As a group, equities research analysts expect that Progress Software Corp will post 2.48 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.165 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.66 annualized dividend and a yield of 1.45%. Progress Software’s dividend payout ratio is 28.82%.

Progress Software announced that its board has initiated a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire up to 11.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Several research firms recently issued reports on PRGS. Benchmark reiterated a “buy” rating and set a $57.00 target price (up previously from $49.00) on shares of Progress Software in a report on Friday, January 17th. BidaskClub upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 16th. Sidoti began coverage on Progress Software in a report on Tuesday, October 22nd. They set a “buy” rating and a $53.00 target price on the stock. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Thursday, January 23rd. Finally, ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a report on Saturday, January 18th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $53.00.

In other Progress Software news, CFO Paul A. Jalbert sold 12,209 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $46.35, for a total value of $565,887.15. Following the sale, the chief financial officer now owns 28,839 shares in the company, valued at $1,336,687.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul A. Jalbert sold 708 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $48.00, for a total value of $33,984.00. Following the completion of the sale, the chief financial officer now owns 34,896 shares in the company, valued at approximately $1,675,008. The disclosure for this sale can be found here. Insiders sold 20,417 shares of company stock worth $936,696 in the last 90 days. Corporate insiders own 1.70% of the company’s stock.

Progress Software Company 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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