Vanguard Group Inc. Has $289.02 Million Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Vanguard Group Inc. increased its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,496,755 shares of the software maker's stock after buying an additional 123,157 shares during the quarter. Vanguard Group Inc. owned 12.62% of Progress Software worth $289,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PRGS. Deutsche Bank AG raised its position in Progress Software by 8.0% in the 3rd quarter. Deutsche Bank AG now owns 387,313 shares of the software maker's stock valued at $20,365,000 after purchasing an additional 28,798 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Progress Software by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 493,641 shares of the software maker's stock valued at $25,956,000 after purchasing an additional 5,289 shares during the last quarter. Graham Capital Management L.P. bought a new position in Progress Software in the 3rd quarter valued at $2,473,000. Assenagon Asset Management S.A. raised its position in Progress Software by 47.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 44,652 shares of the software maker's stock valued at $2,348,000 after purchasing an additional 14,470 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in Progress Software in the 3rd quarter valued at $584,000.

Insider Activity

In other news, CFO Anthony Folger sold 7,500 shares of the company's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the sale, the chief financial officer now directly owns 37,046 shares of the company's stock, valued at approximately $2,126,810.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Anthony Folger sold 7,500 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.41, for a total transaction of $430,575.00. Following the completion of the sale, the chief financial officer now directly owns 37,046 shares of the company's stock, valued at approximately $2,126,810.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 15,399 shares of the company's stock, valued at $809,679.42. The disclosure for this sale can be found here. Insiders sold a total of 81,998 shares of company stock valued at $4,651,992 in the last ninety days. 3.40% of the stock is owned by insiders.

Progress Software Trading Up 1.3 %

NASDAQ:PRGS traded up $0.68 during mid-day trading on Friday, hitting $53.31. The company had a trading volume of 1,198,960 shares, compared to its average volume of 690,323. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 0.91. Progress Software Co. has a fifty-two week low of $49.02 and a fifty-two week high of $62.34. The firm has a market cap of $2.34 billion, a P/E ratio of 34.62, a P/E/G ratio of 6.93 and a beta of 0.95. The business's fifty day moving average is $55.11 and its two-hundred day moving average is $54.17.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 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 analysts' expectations of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. Progress Software's revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. As a group, research analysts expect that Progress Software Co. will post 3.79 earnings per share for the current 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 $0.175 dividend. 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 1.31%. Progress Software's dividend payout ratio (DPR) is presently 45.45%.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Progress Software from $65.00 to $63.00 and set an "overweight" rating for the company in a research report on Wednesday. Oppenheimer reiterated an "outperform" rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday. Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, February 23rd. Finally, DA Davidson started coverage on shares of Progress Software in a research note on Thursday. They issued a "buy" rating and a $65.00 target price on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $64.50.

Progress Software 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.