Diamond Hill Capital Management Inc. Buys 788 Shares of Progress Software Co. (NASDAQ:PRGS)

Diamond Hill Capital Management Inc. raised its stake in Progress Software Co. (NASDAQ:PRGS) by 0.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 330,650 shares of the software maker’s stock after buying an additional 788 shares during the quarter. Diamond Hill Capital Management Inc. owned about 0.77% of Progress Software worth $17,941,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PRGS. Principal Securities Inc. acquired a new stake in shares of Progress Software in the fourth quarter valued at approximately $68,000. Blue Trust Inc. increased its holdings in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC increased its holdings in shares of Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC increased its holdings in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Progress Software in the second quarter valued at $160,000.

Insiders Place Their Bets

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Stock Up 1.3 %

Shares of NASDAQ PRGS opened at $57.99 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 7.33 and a beta of 0.91. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $60.33. The stock has a 50-day moving average price of $56.73 and a two-hundred day moving average price of $53.33.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The firm had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. As a group, analysts forecast that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently announced 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. This represents a $0.70 annualized dividend and a yield of 1.21%. The ex-dividend date is Friday, August 30th. Progress Software’s payout ratio is 42.68%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group reduced their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Guggenheim reissued a “buy” rating and issued a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. DA Davidson reissued a “buy” rating and issued a $65.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Oppenheimer reissued an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

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.