Progress Software Co. (NASDAQ:PRGS) Position Trimmed by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 14.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,179 shares of the software maker’s stock after selling 1,943 shares during the period. Mackenzie Financial Corp’s holdings in Progress Software were worth $607,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new stake in Progress Software during the third quarter worth approximately $40,000. Orion Capital Management LLC bought a new stake in Progress Software during the third quarter worth approximately $41,000. Clear Street Markets LLC bought a new stake in Progress Software during the third quarter worth approximately $50,000. Blue Trust Inc. boosted 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 worth $65,000 after buying an additional 239 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in Progress Software by 9.2% during the third quarter. Assetmark Inc. now owns 2,761 shares of the software maker’s stock worth $145,000 after buying an additional 232 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently commented on PRGS shares. DA Davidson started coverage on shares of Progress Software in a research note on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Wedbush raised their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $64.60.

Insider Activity

In other news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the transaction, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total value of $2,287,909.30. Following the transaction, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Krall sold 20,000 shares of Progress Software stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the completion of the transaction, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,745 shares of company stock worth $5,376,231. 3.40% of the stock is owned by corporate insiders.

Progress Software Trading Down 1.8 %

Shares of NASDAQ:PRGS opened at $50.70 on Friday. The firm has a fifty day moving average of $52.69 and a two-hundred day moving average of $53.67. The firm has a market capitalization of $2.22 billion, a P/E ratio of 32.92, a price-to-earnings-growth ratio of 6.71 and a beta of 0.94. Progress Software Co. has a 12-month low of $49.00 and a 12-month high of $62.34. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. On average, equities analysts expect that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.38%. Progress Software’s dividend payout ratio is currently 45.45%.

Progress Software Company 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.