April 13, 2024


Simply Consistent

Raymond James & Associates Increases Stock Position in Progress Software Co. (NASDAQ:PRGS)

Raymond James & Associates boosted its holdings in Progress Software Co. (NASDAQ:PRGS) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,039 shares of the software maker’s stock after purchasing an additional 389 shares during the quarter. Raymond James & Associates’ holdings in Progress Software were worth $552,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Marshall Wace North America L.P. acquired a new position in Progress Software in the first quarter valued at $28,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Progress Software during the third quarter worth approximately $43,000. DekaBank Deutsche Girozentrale purchased a new position in Progress Software in the 2nd quarter valued at $69,000. Advisors Asset Management Inc. acquired a new position in shares of Progress Software during the 2nd quarter worth $107,000. Finally, Point72 Hong Kong Ltd grew its stake in shares of Progress Software by 113.9% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,485 shares of the software maker’s stock worth $135,000 after purchasing an additional 1,856 shares during the period. Hedge funds and other institutional investors own 92.88% of the company’s stock.

Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, October 27th. Wedbush reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Progress Software in a research note on Wednesday, August 26th. Finally, BidaskClub cut Progress Software from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $44.00.

Shares of NASDAQ PRGS opened at $41.61 on Friday. The company has a 50-day simple moving average of $39.31 and a 200-day simple moving average of $37.90. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market cap of $1.88 billion, a PE ratio of 33.29 and a beta of 1.02. Progress Software Co. has a 12 month low of $28.09 and a 12 month high of $52.50.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Sunday, October 4th. The software maker reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01. The company had revenue of $110.88 million for the quarter, compared to analyst estimates of $107.17 million. Progress Software had a net margin of 13.12% and a return on equity of 33.98%. Progress Software’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter last year, the business earned $0.75 EPS. On average, analysts anticipate that Progress Software Co. will post 2.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from Progress Software’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, November 30th. Progress Software’s payout ratio is 30.57%.

In other Progress Software news, SVP Gary Quinn sold 7,116 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $40.32, for a total value of $286,917.12. Following the transaction, the senior vice president now owns 8,197 shares of the company’s stock, valued at $330,503.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Yogesh K. Gupta bought 2,700 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were bought at an average cost of $37.50 per share, for a total transaction of $101,250.00. Following the completion of the transaction, the chief executive officer now directly owns 96,142 shares of the company’s stock, valued at $3,605,325. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 6,322 shares of company stock valued at $238,001. 1.80% of the stock is owned by insiders.

Progress Software Profile

Progress Software Corporation develops business applications. The company operates through three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; MOVEit that provides secure collaboration and automated file transfers of critical business information; WhatsUp Gold, a network monitoring solution; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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