Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 1.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 25,303 shares of the software maker’s stock after acquiring an additional 302 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.06% of Progress Software worth $1,374,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. GHP Investment Advisors Inc. increased its position in shares of Progress Software by 116.4% during the fourth quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after acquiring an additional 32,871 shares during the last quarter. Boston Trust Walden Corp raised its position in shares of Progress Software by 2.0% in the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after purchasing an additional 33,289 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Progress Software by 197.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after buying an additional 88,175 shares during the last quarter. Deutsche Bank AG grew its position in shares of Progress Software by 8.0% during the third quarter. Deutsche Bank AG now owns 387,313 shares of the software maker’s stock worth $20,365,000 after buying an additional 28,798 shares in the last quarter. Finally, Graham Capital Management L.P. bought a new stake in shares of Progress Software in the third quarter worth $2,473,000.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PRGS. JPMorgan Chase & Co. decreased their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. DA Davidson assumed coverage on Progress Software in a research note on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective on the stock. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, March 27th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Progress Software currently has an average rating of “Buy” and a consensus target price of $64.60.

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 5,129 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $56.99, for a total value of $292,301.71. Following the sale, the chief accounting officer now directly owns 2,664 shares in the company, valued at approximately $151,821.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, CAO Domenic Lococo sold 5,129 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $56.99, for a total transaction of $292,301.71. Following the transaction, the chief accounting officer now owns 2,664 shares of the company’s stock, valued at approximately $151,821.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 7,500 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $57.31, for a total transaction of $429,825.00. Following the completion of the transaction, the chief financial officer now owns 23,865 shares of the company’s stock, valued at $1,367,703.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,745 shares of company stock worth $5,376,231. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Down 0.7 %

Shares of Progress Software stock opened at $50.34 on Friday. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 6.55 and a beta of 0.94. Progress Software Co. has a twelve month low of $49.00 and a twelve month high of $62.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. The business’s 50 day simple moving average is $52.58 and its 200-day simple moving average is $53.65.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. Equities research analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. 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 1.39%. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

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.