Nisa Investment Advisors LLC Sells 900 Shares of Progress Software Co. (NASDAQ:PRGS)

Nisa Investment Advisors LLC reduced its position in shares of Progress Software Co. (NASDAQ:PRGS) by 38.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,419 shares of the software maker’s stock after selling 900 shares during the period. Nisa Investment Advisors LLC’s holdings in Progress Software were worth $77,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Raymond James & Associates raised its position in Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock worth $2,361,000 after acquiring an additional 9,590 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Progress Software by 19.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock worth $322,000 after purchasing an additional 1,108 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Progress Software by 57.1% in the first quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 8,470 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Progress Software by 7.3% in the first quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after purchasing an additional 7,594 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Progress Software by 14.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock worth $1,794,000 after purchasing an additional 4,951 shares in the last quarter.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $50.41 on Friday. The company has a 50 day moving average of $53.06 and a 200 day moving average of $53.70. The stock has a market cap of $2.21 billion, a P/E ratio of 32.73, a P/E/G ratio of 6.53 and a beta of 0.94. Progress Software Co. has a 12 month low of $49.00 and a 12 month high of $62.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last released its quarterly 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. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid 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 yield of 1.39%. Progress Software’s dividend payout ratio is presently 45.45%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRGS shares. Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. reduced their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. Wedbush boosted their price objective 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. Finally, DA Davidson began 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 for the company. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $64.60.

Insiders Place Their Bets

In other news, Director David Krall sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now directly owns 86,641 shares in the company, valued at approximately $4,418,691. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Anthony Folger sold 7,500 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total transaction of $430,575.00. Following the completion of the sale, the chief financial officer now directly owns 37,046 shares in the company, valued at approximately $2,126,810.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Krall sold 20,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Insiders sold a total of 96,745 shares of company stock valued at $5,376,231 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

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.