LSV Asset Management Has $13.21 Million Stock Position in Progress Software Co. (NASDAQ:PRGS)

LSV Asset Management lessened its position in Progress Software Co. (NASDAQ:PRGS) by 18.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 243,300 shares of the software maker’s stock after selling 53,269 shares during the quarter. LSV Asset Management owned about 0.55% of Progress Software worth $13,211,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Anchor Capital Advisors LLC grew its position in Progress Software by 18.7% in the 4th quarter. Anchor Capital Advisors LLC now owns 14,222 shares of the software maker’s stock worth $772,000 after purchasing an additional 2,238 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Progress Software by 3.9% in the 4th quarter. Russell Investments Group Ltd. now owns 51,832 shares of the software maker’s stock valued at $2,814,000 after acquiring an additional 1,952 shares in the last quarter. Bahl & Gaynor Inc. lifted its position in shares of Progress Software by 2.7% in the 4th quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock worth $1,664,000 after acquiring an additional 813 shares during the period. Meritage Portfolio Management grew its holdings in shares of Progress Software by 5.7% during the 4th quarter. Meritage Portfolio Management now owns 13,432 shares of the software maker’s stock worth $729,000 after purchasing an additional 724 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Progress Software during the fourth quarter valued at approximately $28,000.

Analyst Ratings Changes

PRGS has been the subject of several research reports. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Oppenheimer reissued an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, March 27th. Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. DA Davidson initiated coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $64.60.

Progress Software Stock Up 0.3 %

NASDAQ PRGS opened at $51.34 on Wednesday. The stock’s 50 day simple moving average is $51.91 and its 200 day simple moving average is $53.56. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. Progress Software Co. has a one year low of $49.00 and a one year high of $62.34. The firm has a market cap of $2.22 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. As a group, sell-side analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 annualized dividend and a dividend yield of 1.36%. Progress Software’s dividend payout ratio (DPR) is currently 45.45%.

Insider Activity at Progress Software

In other Progress Software news, Director David Krall sold 20,000 shares of the stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the director now directly owns 86,641 shares in the company, valued at approximately $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the transaction, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Insiders sold a total of 29,637 shares of company stock valued at $1,535,535 over the last quarter. Corporate insiders own 3.30% of the company’s stock.

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.