Principal Financial Group Inc. Reduces Position in Progress Software Co. (NASDAQ:PRGS)

Principal Financial Group Inc. cut its position in shares of Progress Software Co. (NASDAQ:PRGSGet Rating) by 7.0% in the second quarter, Holdings Channel.com reports. The firm owned 308,638 shares of the software maker’s stock after selling 23,184 shares during the quarter. Principal Financial Group Inc.’s holdings in Progress Software were worth $13,981,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. D.A. Davidson & CO. boosted its stake in shares of Progress Software by 0.7% during the 1st quarter. D.A. Davidson & CO. now owns 33,996 shares of the software maker’s stock worth $1,601,000 after purchasing an additional 231 shares during the period. Yousif Capital Management LLC boosted its position in Progress Software by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock valued at $1,895,000 after buying an additional 250 shares during the period. Prudent Man Advisors LLC boosted its position in Progress Software by 5.5% in the 1st quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock valued at $226,000 after buying an additional 252 shares during the period. Brinker Capital Investments LLC boosted its position in Progress Software by 4.8% in the 1st quarter. Brinker Capital Investments LLC now owns 7,062 shares of the software maker’s stock valued at $333,000 after buying an additional 325 shares during the period. Finally, Texas Permanent School Fund boosted its position in Progress Software by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 31,682 shares of the software maker’s stock valued at $1,435,000 after buying an additional 360 shares during the period. 98.90% of the stock is owned by hedge funds and other institutional investors.

Progress Software Trading Up 0.6 %

NASDAQ:PRGS opened at $52.85 on Friday. Progress Software Co. has a one year low of $40.33 and a one year high of $53.14. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.30 and a current ratio of 1.30. The firm has a market cap of $2.27 billion, a P/E ratio of 27.10, a P/E/G ratio of 7.59 and a beta of 1.05. The firm has a 50-day simple moving average of $47.49 and a 200-day simple moving average of $47.35.

Progress Software (NASDAQ:PRGSGet Rating) last posted its quarterly earnings data on Tuesday, September 27th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.97 by $0.03. The firm had revenue of $153.06 million during the quarter, compared to analyst estimates of $148.10 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. Progress Software’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.06 EPS. Equities analysts anticipate that Progress Software Co. will post 3.46 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a dividend of $0.175 per share. The ex-dividend date is Wednesday, November 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.32%. Progress Software’s dividend payout ratio (DPR) is presently 35.90%.

Insider Buying and Selling

In related news, EVP Jeremy Segal sold 1,258 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $43.82, for a total transaction of $55,125.56. Following the completion of the transaction, the executive vice president now owns 636 shares in the company, valued at approximately $27,869.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progress Software news, EVP Jeremy Segal sold 1,258 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $43.82, for a total transaction of $55,125.56. Following the transaction, the executive vice president now owns 636 shares in the company, valued at approximately $27,869.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $43.87, for a total transaction of $219,350.00. Following the transaction, the chief executive officer now owns 65,000 shares in the company, valued at approximately $2,851,550. The disclosure for this sale can be found here. Insiders sold a total of 23,806 shares of company stock worth $1,139,740 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on PRGS. Jefferies Financial Group began coverage on shares of Progress Software in a research report on Friday, September 9th. They issued a “hold” rating and a $52.00 price objective for the company. Citigroup lowered their price objective on shares of Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29th. Guggenheim began coverage on shares of Progress Software in a research report on Friday, August 12th. They issued a “buy” rating and a $60.00 price objective for the company. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3rd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.75.

About Progress Software

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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