Allspring Global Investments Holdings LLC Buys 2,581 Shares of Progress Software Co. (NASDAQ:PRGS)

Allspring Global Investments Holdings LLC grew its stake in Progress Software Co. (NASDAQ:PRGS) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 395,787 shares of the software maker’s stock after purchasing an additional 2,581 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.91% of Progress Software worth $21,491,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PRGS. Headlands Technologies LLC bought a new position in shares of Progress Software in the third quarter valued at about $40,000. Orion Capital Management LLC acquired a new position in shares of Progress Software in the third quarter valued at about $41,000. Clear Street Markets LLC acquired a new position in shares of Progress Software in the third quarter valued at about $50,000. Federated Hermes Inc. grew its stake in shares of Progress Software by 46.7% in the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after acquiring an additional 371 shares in the last quarter. Finally, Ronald Blue Trust Inc. grew its stake in shares of Progress Software by 353.0% in the third quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock valued at $52,000 after acquiring an additional 773 shares in the last quarter.

Wall Street Analysts Forecast Growth

PRGS has been the topic of several research reports. Wedbush upped their price target on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. decreased their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday, March 27th. DA Davidson assumed coverage on shares of Progress Software in a research note on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective on the stock. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $64.60.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the transaction, the chief financial officer now owns 37,046 shares in the company, valued at approximately $2,126,810.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Sundar Subramanian sold 5,799 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the transaction, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,248 shares of company stock valued at $4,612,902. 3.40% of the stock is currently owned by insiders.

Progress Software Trading Down 1.3 %

Shares of Progress Software stock opened at $50.98 on Friday. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 6.63 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software Co. has a 12-month low of $49.02 and a 12-month high of $62.34. The firm’s 50-day moving average price is $53.73 and its two-hundred day moving average price is $53.77.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 earnings per share. On average, analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.175 dividend. 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 1.37%. Progress Software’s dividend payout ratio (DPR) is currently 45.45%.

Progress Software Company 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.