Cambridge Investment Research Advisors Inc. Trims Position in Progress Software Co. (NASDAQ:PRGS)

Cambridge Investment Research Advisors Inc. lessened its stake in shares of Progress Software Co. (NASDAQ:PRGSFree Report) by 11.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,432 shares of the software maker’s stock after selling 727 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Progress Software were worth $286,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ronald Blue Trust Inc. grew its holdings in Progress Software by 353.0% during the 3rd quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock valued at $52,000 after buying an additional 773 shares in the last quarter. Federated Hermes Inc. grew its holdings in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after buying an additional 371 shares in the last quarter. West Tower Group LLC purchased a new position in Progress Software during the 2nd quarter valued at about $71,000. Strs Ohio grew its holdings in Progress Software by 114.3% during the 2nd quarter. Strs Ohio now owns 1,500 shares of the software maker’s stock valued at $87,000 after buying an additional 800 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Progress Software by 29.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock worth $89,000 after purchasing an additional 350 shares in the last quarter.

Analyst Ratings Changes

PRGS has been the subject of several recent analyst reports. StockNews.com initiated coverage on Progress Software in a report on Thursday, October 5th. They set a “buy” rating for the company. Wedbush reissued an “outperform” rating and set a $65.00 price objective on shares of Progress Software in a report on Wednesday, September 27th. Finally, Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, September 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.40.

Read Our Latest Stock Analysis on Progress Software

Progress Software Stock Performance

NASDAQ:PRGS opened at $59.30 on Thursday. The business has a 50 day moving average of $54.52 and a 200 day moving average of $55.67. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 7.80 and a beta of 0.95. Progress Software Co. has a 1-year low of $49.02 and a 1-year high of $62.34. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.93.

Progress Software (NASDAQ:PRGSGet Free Report) last announced its quarterly earnings data on Tuesday, January 16th. The software maker reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.11. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The firm had revenue of $177.52 million during the quarter, compared to the consensus estimate of $174.12 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. The business’s revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts predict that Progress Software Co. will post 3.8 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, March 1st will be paid a $0.175 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.18%. Progress Software’s dividend payout ratio is currently 44.87%.

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 4,503 shares of the stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $57.00, for a total transaction of $256,671.00. Following the sale, the chief accounting officer now directly owns 2,900 shares of the company’s stock, valued at $165,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Domenic Lococo sold 4,503 shares of the firm’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $57.00, for a total value of $256,671.00. Following the transaction, the chief accounting officer now owns 2,900 shares of the company’s stock, valued at $165,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sundar Subramanian sold 750 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the sale, the executive vice president now owns 13,942 shares of the company’s stock, valued at approximately $726,657.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,658 shares of company stock valued at $744,617. Insiders own 3.40% of the company’s stock.

About Progress Software

(Free Report)

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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