Diamond Hill Capital Management Inc. Sells 26,939 Shares of Progress Software Corporation (NASDAQ:PRGS)

Key Points

• Diamond Hill Capital Management Inc. reduced its holdings in Progress Software Corporation by 10.8%, selling 26,939 shares and now owning 223,533 shares valued at approximately $11.5 million as of its latest SEC filing.
• Progress Software surpassed earnings expectations with reported earnings per share of $1.40, beating the consensus estimate of $1.30, and had a revenue of $237.36 million for the quarter.
• Analysts currently maintain a consensus rating of "Moderate Buy" for Progress Software, with an average target price of $73.33, following various rating revisions from firms such as Wedbush and Jefferies Financial Group.

Diamond Hill Capital Management Inc. lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 10.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,533 shares of the software maker's stock after selling 26,939 shares during the period. Diamond Hill Capital Management Inc. owned about 0.52% of Progress Software worth $11,514,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new position in Progress Software in the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC lifted its stake in Progress Software by 25.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after purchasing an additional 326 shares during the last quarter. LPL Financial LLC bought a new position in Progress Software in the 4th quarter valued at approximately $248,000. Finally, GeoWealth Management LLC lifted its stake in Progress Software by 637.6% in the 4th quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker's stock valued at $253,000 after purchasing an additional 3,354 shares during the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the sale, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Krall purchased 5,125 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was bought at an average cost of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director owned 100,090 shares of the company's stock, valued at approximately $4,894,401. This represents a 5.40% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.60% of the company's stock.

Progress Software Trading Down 0.3%

Shares of PRGS traded down $0.14 during trading hours on Monday, hitting $50.68. 136,931 shares of the stock were exchanged, compared to its average volume of 769,170. Progress Software Corporation has a fifty-two week low of $47.42 and a fifty-two week high of $70.56. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The business has a 50-day moving average of $58.22 and a 200-day moving average of $57.74. The firm has a market capitalization of $2.18 billion, a P/E ratio of 38.63, a price-to-earnings-growth ratio of 2.40 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same period in the prior year, the company posted $1.09 earnings per share. Progress Software's revenue for the quarter was up 35.6% compared to the same quarter last year. On average, research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several research reports. Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. DA Davidson increased their price objective on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and an average target price of $73.33.

About Progress Software

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.