Shell Asset Management Inc. announced in its latest 13F filing with the Securities and Exchange Commission (SEC) that it reduced its holdings in Progress Software Inc. (NASDAQ:PRGS – free report ) by 3.3% during the first quarter. The firm sold 216 shares during the period, leaving it holding 6,344 shares of the software maker’s stock. Shell Asset Management’s holdings in Progress Software were valued at $338,000 as of the latest SEC filing.
A number of other institutional investors and hedge funds also modified their holdings in PRGS. GAMMA Investing LLC acquired a new stake in shares of Progress Software in the fourth quarter, valued at approximately $28,000. Blue Trust Inc. increased its holdings in shares of Progress Software by 24.1% in the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock, valued at $65,000, after acquiring an additional 239 shares during the period. Principal Securities Inc. acquired a new stake in shares of Progress Software in the fourth quarter, valued at $68,000. TFO Wealth Partners LLC increased its holdings in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock, valued at $122,000. This comes after the company purchased an additional 2,251 shares during the quarter. Finally, AssetMark Inc. increased its holdings in Progress Software by 19.5% during the fourth quarter. AssetMark Inc. now owns 3,300 shares of the software maker’s stock, valued at $179,000, after purchasing an additional 539 shares during the last quarter.
Wall Street analysts predict growth
PRGS has been the topic of many analyst reports. StockNews.com downgraded Progress Software from a “strong buy” rating to a “buy” rating in a report on Wednesday, June 26th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Guggenheim reaffirmed their “buy” rating and set a $64.00 price target on Progress Software in a research note on Tuesday, June 25th. Wedbush raised their price target on Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating, and six have given it a buy rating. According to MarketBeat.com, the stock currently has a “moderate buy” consensus rating, with an average target price of $63.29.
Get the latest analysis on PRGS
Insider Trading at Progress Software
In other news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction value of $39,471.93. The sale was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. In other news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction value of $39,471.93. The sale was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. Also, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction value of $29,135.76. Following the sale, the Executive Vice President now owns 17,195 shares of the company’s stock, valued at $857,858.55. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,224 shares of the company’s stock, valued at $2,569,513. 3.40% of the shares are owned by company insiders.
Progress Software shares rose 0.8%
PRGS shares opened trading at $57.89 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market capitalization of $2.48 billion, a P/E ratio of 35.30, a price-to-earnings growth ratio of 7.44 and a beta of 0.93. The stock’s 50-day simple moving average is $52.40 and its 200-day simple moving average is $53.15. Progress Software Inc.’s 12-month low and high are $48.00 and $62.34, respectively.
Progress Software (NASDAQ:PRGS – Get free report ) last released its quarterly earnings data on Tuesday, June 25th. The software maker reported quarterly EPS of $0.87, beating the consensus estimate of $0.74 by $0.13. Progress Software had an ROE of 36.88% and a net margin of 10.29%. The company’s quarterly revenue of $175.08 million beat analyst expectations of $168.60 million. On average, equities research analysts expect that Progress Software, Inc. will post earnings of $3.91 per share for the current year.
Progress Software Dividend Announcement
The company also recently declared a quarterly dividend, which is scheduled to be paid on Monday, September 16th. Shareholders of record as of Monday, September 2nd will be paid a dividend of $0.175. This equates to an annual dividend of $0.70, or a yield of 1.21%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.
About Progress Software
(Free report)
Progress Software Corporation develops, deploys and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, DevOps/DevSecOps automation software; Developer Tools, consisting of a collection of software development tools such as .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud native, virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation providing intelligent, ROI-driving tools for marketers.
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