Zurcher Kantonalbank Zurich Cantonalbank Sells 3,391 Shares of Progress Software Co. (NASDAQ:PRGS)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Progress Software Co. (NASDAQ:PRGS) by 25.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,901 shares of the software maker’s stock after selling 3,391 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progress Software were worth $538,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. GHP Investment Advisors Inc. grew its position in Progress Software by 116.4% during the fourth quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after buying an additional 32,871 shares in the last quarter. Boston Trust Walden Corp increased its position in shares of Progress Software by 2.0% during the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after purchasing an additional 33,289 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Progress Software by 197.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after purchasing an additional 88,175 shares in the last quarter. Deutsche Bank AG lifted its position in Progress Software by 8.0% in the third quarter. Deutsche Bank AG now owns 387,313 shares of the software maker’s stock worth $20,365,000 after purchasing an additional 28,798 shares during the period. Finally, Graham Capital Management L.P. bought a new stake in Progress Software in the 3rd quarter valued at $2,473,000.

Progress Software Trading Up 0.6 %

PRGS opened at $50.11 on Thursday. Progress Software Co. has a 1-year low of $49.00 and a 1-year high of $62.34. The firm has a 50-day moving average price of $52.34 and a two-hundred day moving average price of $53.61. The stock has a market capitalization of $2.20 billion, a PE ratio of 32.54, a PEG ratio of 6.53 and a beta of 0.94. 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 posted its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate 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%. Progress Software’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 EPS. As a group, equities analysts anticipate that Progress Software Co. will post 3.85 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 Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.40%. Progress Software’s payout ratio is 45.45%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRGS. JPMorgan Chase & Co. reduced their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Wedbush upped their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. DA Davidson began coverage on Progress Software in a research report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target on the stock. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. One research 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $64.60.

Insiders Place Their Bets

In other news, EVP Sundar Subramanian sold 2,475 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $57.38, for a total value of $142,015.50. Following the transaction, the executive vice president now owns 21,198 shares of the company’s stock, valued at approximately $1,216,341.24. 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 2,475 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $57.38, for a total value of $142,015.50. Following the transaction, the executive vice president now owns 21,198 shares of the company’s stock, valued at $1,216,341.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.41, for a total value of $430,575.00. Following the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The disclosure for this sale can be found here. In the last three months, insiders sold 43,942 shares of company stock valued at $2,366,195. 3.30% of the stock is currently owned by insiders.

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.