Progress Software Co. (NASDAQ:PRGS) Shares Purchased by Leuthold Group LLC

Leuthold Group LLC boosted its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 3.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,634 shares of the software maker’s stock after acquiring an additional 1,560 shares during the quarter. Leuthold Group LLC’s holdings in Progress Software were worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. TCG Advisory Services LLC acquired a new stake in shares of Progress Software during the fourth quarter worth $760,000. Anchor Capital Advisors LLC boosted its stake in shares of Progress Software by 18.7% in the fourth quarter. Anchor Capital Advisors LLC now owns 14,222 shares of the software maker’s stock valued at $772,000 after buying an additional 2,238 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Progress Software by 3.9% during the 4th quarter. Russell Investments Group Ltd. now owns 51,832 shares of the software maker’s stock worth $2,814,000 after purchasing an additional 1,952 shares in the last quarter. Bahl & Gaynor Inc. lifted its stake in shares of Progress Software by 2.7% in the fourth quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock valued at $1,664,000 after purchasing an additional 813 shares during the period. Finally, Meritage Portfolio Management boosted its position in Progress Software by 5.7% during the fourth quarter. Meritage Portfolio Management now owns 13,432 shares of the software maker’s stock worth $729,000 after purchasing an additional 724 shares in the last quarter.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several recent research reports. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Wedbush increased their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. DA Davidson started coverage on shares of Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. One research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $64.60.

Insiders Place Their Bets

In related news, Director David Krall sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 2,475 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $57.38, for a total transaction of $142,015.50. Following the completion of the transaction, the executive vice president now directly owns 21,198 shares of the company’s stock, valued at approximately $1,216,341.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the completion of the sale, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The disclosure for this sale can be found here. Insiders have sold 28,858 shares of company stock worth $1,496,063 in the last quarter. 3.30% of the stock is owned by corporate insiders.

Progress Software Trading Up 0.0 %

NASDAQ:PRGS traded up $0.01 during trading hours on Tuesday, reaching $51.20. 16,487 shares of the company were exchanged, compared to its average volume of 551,525. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 6.57 and a beta of 0.95. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $51.95 and a 200 day simple moving average of $53.56. Progress Software Co. has a 52-week low of $49.00 and a 52-week high of $62.34.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. As a group, analysts predict that Progress Software Co. will post 3.85 EPS for the current year.

Progress Software Dividend Announcement

The company also recently announced 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 is Monday, June 3rd. This represents a $0.70 annualized dividend and a dividend yield of 1.37%. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

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.