Boston Trust Walden Corp Has $80.32 Million Stock Holdings in Progress Software Corporation $PRGS

Key Points

• Boston Trust Walden Corp trimmed its stake in Progress Software by 4.1%, selling 80,930 shares and now owning 1,869,746 shares (4.44%) valued at $80,324,000.
• Several brokerages cut price targets recently, but the consensus rating remains a Moderate Buy with an average price target of $52.50 (five buys, one hold, one sell).
• Progress beat the quarter with EPS of $1.60 vs. $1.57 and revenue of $248M vs. $246.4M, while the stock trades near $30 with a market cap of $1.27B.

Boston Trust Walden Corp cut its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,869,746 shares of the software maker's stock after selling 80,930 shares during the period. Boston Trust Walden Corp owned 4.44% of Progress Software worth $80,324,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. California State Teachers Retirement System boosted its position in Progress Software by 0.8% during the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker's stock valued at $2,531,000 after purchasing an additional 333 shares during the last quarter. Amalgamated Bank boosted its position in Progress Software by 3.4% during the third quarter. Amalgamated Bank now owns 12,671 shares of the software maker's stock valued at $557,000 after purchasing an additional 422 shares during the last quarter. Advisory Research Inc. boosted its position in Progress Software by 3.8% during the third quarter. Advisory Research Inc. now owns 15,209 shares of the software maker's stock valued at $668,000 after purchasing an additional 562 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Progress Software by 1.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker's stock valued at $2,055,000 after purchasing an additional 601 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its position in Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PRGS. Jefferies Financial Group reduced their price target on Progress Software from $45.00 to $34.00 and set a "hold" rating for the company in a research report on Tuesday, March 31st. DA Davidson reduced their price target on Progress Software from $70.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, March 25th. Wedbush reduced their price target on Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Oppenheimer reduced their price target on Progress Software from $70.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Finally, Weiss Ratings cut Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, April 16th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $52.50.

Progress Software Stock Performance

PRGS opened at $30.07 on Wednesday. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $65.50. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.34 and a beta of 0.76. The business has a 50 day moving average of $33.34 and a 200-day moving average of $39.52. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company had revenue of $248.00 million during the quarter, compared to analysts' expectations of $246.40 million. During the same period last year, the firm posted $1.31 earnings per share. The business's revenue was up 4.1% on a year-over-year basis. On average, equities research analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Sundar Subramanian sold 1,600 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total value of $61,248.00. Following the completion of the sale, the executive vice president directly owned 15,542 shares of the company's stock, valued at $594,947.76. This trade represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the transaction, the chief financial officer owned 48,802 shares in the company, valued at approximately $1,952,080. This trade represents a 10.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 30,546 shares of company stock valued at $1,171,546. Insiders own 4.10% of the company's stock.

Progress Software Profile

Progress Software NASDAQ: PRGS is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company's offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress's portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.

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