LSV Asset Management Sells 53,269 Shares of Progress Software Co. (NASDAQ:PRGS)

LSV Asset Management cut its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 18.0% in the 4th quarter, according to the company in its most recent disclosure 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 0.55% of Progress Software worth $13,211,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Raymond James & Associates boosted its stake in shares of Progress Software by 1.9% in the third quarter. Raymond James & Associates now owns 54,613 shares of the software maker's stock valued at $2,872,000 after buying an additional 1,024 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Progress Software by 13.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,292 shares of the software maker's stock worth $699,000 after buying an additional 1,616 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Progress Software in the third quarter valued at about $675,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Progress Software by 14.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,279 shares of the software maker's stock valued at $1,119,000 after acquiring an additional 2,621 shares during the period. Finally, Inspire Investing LLC boosted its stake in shares of Progress Software by 6.5% during the 3rd quarter. Inspire Investing LLC now owns 6,622 shares of the software maker's stock worth $348,000 after acquiring an additional 404 shares in the last quarter.

Progress Software Stock Down 0.5 %

Shares of PRGS stock traded down $0.24 during trading hours on Wednesday, reaching $51.10. The company had a trading volume of 145,450 shares, compared to its average volume of 549,646. The company has a market capitalization of $2.21 billion, a P/E ratio of 33.18, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software Co. has a twelve month low of $49.00 and a twelve month high of $62.34. The stock's fifty day simple moving average is $51.91 and its 200 day simple moving average is $53.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter last year, the firm earned $1.01 EPS. Progress Software's quarterly revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.175 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.37%. Progress Software's dividend payout ratio (DPR) is 45.45%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Oppenheimer reaffirmed an "outperform" rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, March 27th. JPMorgan Chase & Co. decreased their price objective 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. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 10th. DA Davidson assumed coverage on Progress Software in a research note on Thursday, March 28th. They issued a "buy" rating and a $65.00 target price for the company. Finally, Wedbush raised their price target on Progress Software from $65.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, February 23rd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $64.60.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 584 shares of the company's stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the sale, the executive vice president now directly owns 17,195 shares of the company's stock, valued at approximately $857,858.55. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 sale, the director now directly owns 86,641 shares of the company's stock, valued at $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sundar Subramanian sold 584 shares of the business's stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the transaction, the executive vice president now directly owns 17,195 shares of the company's stock, valued at approximately $857,858.55. 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 three months. 3.40% of the stock is owned by insiders.

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.