QRG Capital Management Inc. Decreases Stake in Progress Software Co. (NASDAQ:PRGS)

QRG Capital Management Inc. trimmed its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,801 shares of the software maker’s stock after selling 184 shares during the quarter. QRG Capital Management Inc.’s holdings in Progress Software were worth $478,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC acquired a new position in Progress Software in the fourth quarter worth about $28,000. Principal Securities Inc. acquired a new position in shares of Progress Software in the 4th quarter worth approximately $68,000. EntryPoint Capital LLC increased its holdings in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC increased its stake in Progress Software by 225,100.0% during 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, Assetmark Inc. raised its holdings in shares of Progress Software by 19.5% during the fourth quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock worth $179,000 after purchasing an additional 539 shares during the period.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now owns 4,142 shares in the company, valued at approximately $224,040.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. Insiders sold a total of 17,530 shares of company stock valued at $955,238 over the last quarter. Company insiders own 3.40% of the company’s stock.

Progress Software Trading Down 1.5 %

Shares of PRGS stock opened at $55.60 on Tuesday. The stock has a 50-day simple moving average of $53.77 and a 200 day simple moving average of $53.15. The stock has a market capitalization of $2.38 billion, a P/E ratio of 33.90, a P/E/G ratio of 7.09 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.34. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. On average, sell-side analysts expect that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.26%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Wall Street Analysts Forecast Growth

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

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.