Prescott Group Capital Management L.L.C. Makes New $1.07 Million Investment in Progress Software Co. (NASDAQ:PRGS)

Prescott Group Capital Management L.L.C. acquired a new position in Progress Software Co. (NASDAQ:PRGS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,450 shares of the software maker’s stock, valued at approximately $1,072,000.

Other large investors have also modified their holdings of the company. Strs Ohio bought a new position in Progress Software during the first quarter valued at about $40,000. Harbor Investment Advisory LLC bought a new stake in Progress Software in the 2nd quarter valued at approximately $44,000. Orion Capital Management LLC acquired a new position in shares of Progress Software during the 1st quarter worth approximately $45,000. Federated Hermes Inc. lifted its stake in Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares during the last quarter. Finally, Assetmark Inc. grew its stake in Progress Software by 307.2% in the 1st quarter. Assetmark Inc. now owns 1,820 shares of the software maker’s stock valued at $105,000 after buying an additional 1,373 shares during the last quarter.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Citigroup increased their target price on Progress Software from $57.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Progress Software in a research note on Wednesday, September 27th. Oppenheimer restated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, September 27th. Finally, StockNews.com began coverage on Progress Software in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.40.

Progress Software Stock Performance

Shares of PRGS stock traded up $0.60 on Monday, hitting $53.68. 33,023 shares of the stock were exchanged, compared to its average volume of 331,409. Progress Software Co. has a one year low of $48.92 and a one year high of $62.34. The firm’s 50 day moving average is $53.24 and its two-hundred day moving average is $56.70. The firm has a market capitalization of $2.34 billion, a PE ratio of 30.16, a P/E/G ratio of 7.64 and a beta of 0.93. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.67.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 26th. The software maker reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.08. The company had revenue of $175.78 million for the quarter, compared to analyst estimates of $173.27 million. Progress Software had a net margin of 11.65% and a return on equity of 39.41%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Sell-side analysts expect that Progress Software Co. will post 3.5 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.175 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.70 annualized dividend and a yield of 1.30%. Progress Software’s dividend payout ratio is currently 39.77%.

Insider Buying and Selling

In other news, EVP Sundar Subramanian sold 1,704 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $53.88, for a total transaction of $91,811.52. Following the completion of the transaction, the executive vice president now owns 24,920 shares of the company’s stock, valued at $1,342,689.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 1,704 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $53.88, for a total transaction of $91,811.52. Following the sale, the executive vice president now owns 24,920 shares in the company, valued at $1,342,689.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathryn Kulikoski sold 1,487 shares of Progress Software stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $52.50, for a total transaction of $78,067.50. Following the transaction, the insider now directly owns 3,314 shares in the company, valued at $173,985. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,816 shares of company stock valued at $440,212. Company insiders own 3.40% of the company’s stock.

About Progress Software

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.