Edgestream Partners L.P. Sells 48,634 Shares of Progress Software Co. (NASDAQ:PRGS)

Edgestream Partners L.P. lowered its stake in Progress Software Co. (NASDAQ:PRGS) by 62.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,784 shares of the software maker’s stock after selling 48,634 shares during the quarter. Edgestream Partners L.P.’s holdings in Progress Software were worth $1,588,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PRGS. Vanguard Group Inc. grew its holdings in shares of Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after buying an additional 95,594 shares in the last quarter. Boston Trust Walden Corp boosted its position in Progress Software by 2.0% during the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after acquiring an additional 33,289 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Progress Software by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock worth $73,807,000 after acquiring an additional 23,097 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after purchasing an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares in the last quarter.

Insider Buying and Selling at Progress Software

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sundar Subramanian sold 584 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the transaction, the executive vice president now owns 17,195 shares of the company’s stock, valued at $857,858.55. The disclosure for this sale can be found here. Insiders have sold a total of 49,224 shares of company stock valued at $2,569,513 in the last ninety days. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. DA Davidson reaffirmed a “buy” rating and issued a $65.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Oppenheimer reissued an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Wedbush boosted their price target on Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Guggenheim reissued a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.29.

Progress Software Stock Performance

NASDAQ:PRGS traded up $0.48 on Monday, hitting $56.02. The company’s stock had a trading volume of 297,941 shares, compared to its average volume of 512,575. Progress Software Co. has a one year low of $48.00 and a one year high of $62.34. The firm has a market capitalization of $2.40 billion, a P/E ratio of 34.16, a price-to-earnings-growth ratio of 7.14 and a beta of 0.93. The stock has a fifty day moving average of $51.97 and a two-hundred day moving average of $53.04. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Research analysts predict that Progress Software Co. will post 3.89 earnings per share for the current year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.25%. Progress Software’s payout ratio is 42.68%.

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.