BTC Capital Management Inc. acquired a new stake in the shares of Progress Software Co. during the second quarter. (NASDAQ:PRGS – Free Report), according to its latest filing with the Securities & Exchange Commission. The fund acquired 7,650 shares of the software maker, worth approximately $443,000.
A number of other institutional investors and hedge funds have also recently increased or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Progress Software shares by 1.7% in the third quarter. Vanguard Group Inc. now owns 4,989,378 shares of the software maker’s stock worth $212,298,000 after purchasing an additional 84,371 shares in the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 2.9% during the first quarter. Boston Trust Walden Corp now owns 1,665,324 shares of the software maker’s stock valued at $95,673,000 after purchasing an additional 46,468 shares in the last quarter. State Street Corp increased its stake in Progress Software by 3.0% during the first quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock valued at $68,740,000 after purchasing an additional 42,824 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Progress Software by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,325,811 shares of the software maker’s stock valued at $76,166,000 after purchasing an additional 19,608 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Progress Software by 25.4% during the first quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock worth $58,204,000 after purchasing an additional 250,733 shares in the last quarter.
Changes in analyst ratings
Several research firms have recently commented on PRGS. Citigroup raised their target price on shares of Progress Software from $57.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8. StockNews.com initiated coverage on shares of Progress Software in a research note on Thursday, August 17. They gave the company a buy recommendation. Finally, Oppenheimer lifted their price objective on shares of Progress Software from $63.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, June 30. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $64.25.
Read our latest stock report on PRGS
Progress Software Price-performance
Progress Software shares opened at $56.99 on Tuesday. Progress Software Co. has a 12-month low of $40.33 and a 12-month high of $62.34. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 30.97, a price-to-earnings growth ratio of 8.15, and a beta of 0.91. The company’s 50-day simple moving average is $59.36 and its 200-day simple moving average is $57.86. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.87 and a current ratio of 0.87.
Progress Software (NASDAQ:PRGS – Get Free Report) last reported its quarterly results on Thursday, June 29. The software maker reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.16. Progress Software had a net margin of 12.49% and a return on equity of 40.44%. The company had revenue of $179.23 million during the quarter, compared to the consensus estimate of $169.78 million. During the same period last year, the company posted earnings per share of $0.87. The company’s quarterly revenue rose 18.8% year over year. As a group, research analysts expect that Progress Software Co. will record a profit per share of 3.48 for the current financial year.
Dividend announcement from Progress Software
The company also recently announced a quarterly dividend, which was paid on Friday, September 15. A dividend of $0.175 was paid to known shareholders on Friday, September 1. This represents a dividend of $0.70 annually and a dividend yield of 1.23%. The ex-dividend date was Thursday, August 31. Progress Software’s dividend payout ratio currently stands at 38.04%.
Insiders place their bets
In other Progress Software news, insider Kathryn Kulikoski sold 2,122 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares sold at an average price of $57.87, for a total value of $122,800.14. Following the completion of the transaction, the insider now directly owns 5,216 shares of the company’s stock, valued at $301,849.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Kathryn Kulikoski sold 2,122 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares sold at an average price of $57.87, for a total transaction of $122,800.14. Following the completion of the sale, the insider now directly owns 5,216 shares of the company’s stock, valued at $301,849.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares sold at an average price of $58.99, for a total transaction of $589,900.00. Following the sale, the chief financial officer now directly owns 20,098 shares of the company’s stock, valued at $1,185,581.02. The explanation of this sale can be found here. In the last three months, insiders have sold 19,161 company shares worth $1,134,633. Insiders own 3.40% of the company’s shares.
Progress Software Company Profile
(Free report)
Progress Software Corporation develops, implements and manages business applications. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools which consist of a collection of software development tools including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools and automated testing and mocking tools; Kemp LoadMaster, a flexible application delivery and security product that offers cloud-native and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation that delivers intelligent and ROI-driving tools for marketers.
Recommended articles
Would you like to see which other hedge funds own PRGS? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Progress Software Co. (NASDAQ:PRGS – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat editorial staff before publication. Send any questions or comments about this story to contact@marketbeat.com.
Before you consider Progress Software, you’ll want to hear this first.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients every day. MarketBeat has identified the five stocks top analysts are quietly urging clients to buy now before the broader market takes hold… and Progress Software wasn’t on the list.
While Progress Software currently has a Moderate Buy rating among analysts, top analysts believe these five stocks are better buys.
View the five stocks here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click on the link below to see which companies are on the list.
Get this free report