Rhumbline Advisers Decreases Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Rhumbline Advisers lowered its stake in Progress Software Co. (NASDAQ:PRGS) by 3.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,934 shares of the software maker’s stock after selling 4,773 shares during the quarter. Rhumbline Advisers owned 0.29% of Progress Software worth $6,779,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Principal Securities Inc. purchased a new position in Progress Software during the fourth quarter valued at approximately $68,000. Blue Trust Inc. lifted its stake in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares during the period. TFO Wealth Partners LLC increased its stake in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after buying an additional 2,251 shares in the last quarter. Finally, Assetmark Inc. raised 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 acquiring an additional 539 shares during the period.

Insider Activity

In related news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Trading Up 1.3 %

Shares of Progress Software stock opened at $57.99 on Friday. The firm has a 50-day simple moving average of $56.73 and a two-hundred day simple moving average of $53.33. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $60.33. The company has a market cap of $2.48 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. As a group, equities analysts predict that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.21%. Progress Software’s dividend payout ratio is currently 42.68%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PRGS shares. Jefferies Financial Group dropped their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Guggenheim reissued a “buy” rating and issued a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. DA Davidson reiterated a “buy” rating and set a $65.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.50.

Progress Software Profile

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.