PNC Financial Services Group Inc. Trims Position in Progress Software Co. (NASDAQ:PRGS)

PNC Financial Services Group Inc. lowered its holdings in Progress Software Co. (NASDAQ:PRGS) by 5.1% during the fourth quarter, Holdings Channel reports. The fund owned 6,413 shares of the software maker’s stock after selling 344 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Progress Software were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PRGS. Kendall Capital Management grew its position in Progress Software by 1.4% during the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after purchasing an additional 195 shares during the period. Blue Trust Inc. raised its position in Progress Software by 24.1% during 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 in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Progress Software by 1.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock valued at $1,374,000 after acquiring an additional 302 shares during the period. US Bancorp DE boosted its position in Progress Software by 2.2% in the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after purchasing an additional 404 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Progress Software during the 4th quarter worth approximately $28,000.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the transaction, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at $1,895,871. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the transaction, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. Insiders sold 55,761 shares of company stock valued at $2,841,941 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Price Performance

Shares of Progress Software stock opened at $54.26 on Friday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The business has a 50 day simple moving average of $50.61 and a two-hundred day simple moving average of $53.00. The stock has a market capitalization of $2.35 billion, a P/E ratio of 33.09, a PEG ratio of 7.05 and a beta of 0.93. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $62.34.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.29%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PRGS shares. JPMorgan Chase & Co. decreased their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. Guggenheim reissued a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Oppenheimer restated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, DA Davidson restated a “buy” rating and issued a $65.00 price objective on shares of Progress Software in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $63.14.

About Progress Software

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, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, 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, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.