Globeflex Capital L P Raises Stake in Progress Software Co. (NASDAQ:PRGS)

Globeflex Capital L P lifted its holdings in Progress Software Co. (NASDAQ:PRGS) by 32.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,814 shares of the software maker’s stock after acquiring an additional 16,312 shares during the period. Globeflex Capital L P owned 0.15% of Progress Software worth $3,838,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PRGS. Ossiam purchased a new position in shares of Progress Software in the first quarter worth $862,000. Stifel Financial Corp boosted its holdings in shares of Progress Software by 5.0% during the 1st quarter. Stifel Financial Corp now owns 67,118 shares of the software maker’s stock valued at $3,856,000 after purchasing an additional 3,215 shares during the last quarter. BNP Paribas Arbitrage SNC grew its position in shares of Progress Software by 95.9% during the first quarter. BNP Paribas Arbitrage SNC now owns 66,665 shares of the software maker’s stock valued at $3,830,000 after purchasing an additional 32,632 shares in the last quarter. Boulder Hill Capital Management LP bought a new stake in shares of Progress Software in the first quarter worth about $1,185,000. Finally, HRT Financial LP boosted its stake in Progress Software by 50.0% during the first quarter. HRT Financial LP now owns 49,502 shares of the software maker’s stock valued at $2,843,000 after buying an additional 16,496 shares during the last quarter.

Progress Software Price Performance

Progress Software stock opened at $58.24 on Friday. Progress Software Co. has a 12-month low of $40.33 and a 12-month high of $62.34. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.85. The firm has a 50-day moving average price of $59.37 and a 200-day moving average price of $57.86. The firm has a market capitalization of $2.53 billion, a PE ratio of 31.65, a price-to-earnings-growth ratio of 8.38 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, June 29th. The software maker reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.16. Progress Software had a return on equity of 40.44% and a net margin of 12.49%. The firm had revenue of $179.23 million for the quarter, compared to analysts’ expectations of $169.78 million. During the same quarter in the prior year, the firm posted $0.87 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts forecast that Progress Software Co. will post 3.48 EPS for the current year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.175 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.20%. Progress Software’s dividend payout ratio is currently 38.04%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRGS. Oppenheimer increased their target price on Progress Software from $63.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, June 30th. Citigroup upped their target price on shares of Progress Software from $57.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, August 8th. Finally, StockNews.com started coverage on Progress Software in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.80.

Insider Transactions at Progress Software

In related news, insider Kathryn Kulikoski sold 2,122 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $57.87, for a total value of $122,800.14. Following the transaction, the insider now owns 5,216 shares of the company’s stock, valued at $301,849.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Kathryn Kulikoski sold 2,122 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $57.87, for a total value of $122,800.14. Following the completion of the sale, the insider now directly owns 5,216 shares of the company’s stock, valued at $301,849.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 2,513 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $58.44, for a total transaction of $146,859.72. Following the transaction, the chief financial officer now directly owns 20,098 shares in the company, valued at approximately $1,174,527.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,161 shares of company stock valued at $1,134,633. 3.40% of the stock is currently owned by company insiders.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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.