Illinois Municipal Retirement Fund lowered its position in Progress Software Co. (NASDAQ:PRGS – Free Report) by 2.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,725 shares of the software maker’s stock after selling 578 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.06% of Progress Software worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in Progress Software during the fourth quarter valued at approximately $28,000. Blue Trust Inc. increased its holdings 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 buying an additional 239 shares during the period. Principal Securities Inc. purchased a new position in Progress Software during the fourth quarter valued at approximately $68,000. TFO Wealth Partners LLC increased its holdings in Progress Software by 225,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after buying an additional 2,251 shares during the period. Finally, Assetmark Inc. increased 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 buying an additional 539 shares during the period.
Progress Software Price Performance
Shares of PRGS opened at $55.13 on Monday. The firm has a market capitalization of $2.36 billion, a PE ratio of 33.62, a price-to-earnings-growth ratio of 7.08 and a beta of 0.93. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $62.34. The company’s fifty day moving average price is $51.36 and its 200-day moving average price is $52.94.
Progress Software Dividend Announcement
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 issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.27%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is 42.68%.
Analyst Ratings Changes
Several brokerages recently issued reports on PRGS. Guggenheim reissued a “buy” rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. JPMorgan Chase & Co. cut their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.14.
View Our Latest Analysis on PRGS
Insider Buying and Selling
In related news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at $1,895,871. The disclosure for this sale can be found here. Insiders have sold a total of 39,263 shares of company stock valued at $2,011,896 over the last ninety days. Company insiders own 3.40% of the company’s stock.
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.
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