DekaBank Deutsche Girozentrale Has $25.92 Million Position in Progress Software Co. (NASDAQ:PRGS)

DekaBank Deutsche Girozentrale cut its holdings in Progress Software Co. (NASDAQ:PRGS) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 478,870 shares of the software maker’s stock after selling 12,614 shares during the quarter. DekaBank Deutsche Girozentrale owned about 1.12% of Progress Software worth $25,919,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Progress Software by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 433,134 shares of the software maker’s stock worth $23,519,000 after purchasing an additional 1,894 shares during the period. Principal Securities Inc. acquired a new position in shares of Progress Software during the 4th quarter worth about $68,000. BNP Paribas Financial Markets increased its stake in shares of Progress Software by 11.6% in the 4th quarter. BNP Paribas Financial Markets now owns 48,779 shares of the software maker’s stock valued at $2,649,000 after acquiring an additional 5,078 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Progress Software by 9.4% in the 4th quarter. QRG Capital Management Inc. now owns 9,554 shares of the software maker’s stock valued at $519,000 after acquiring an additional 817 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Progress Software by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock worth $73,807,000 after acquiring an additional 23,097 shares during the last quarter.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,763 shares of company stock worth $765,004. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRGS. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim restated a “buy” rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. DA Davidson reiterated a “buy” rating and set a $65.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

Progress Software Stock Up 1.3 %

Shares of Progress Software stock opened at $57.99 on Friday. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $60.33. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The business’s 50 day simple moving average is $56.73 and its 200 day simple moving average is $53.33. The firm has a market cap of $2.48 billion, a PE ratio of 35.36, a P/E/G ratio of 7.33 and a beta of 0.91.

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

Progress Software Announces Dividend

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

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.