Moran Wealth Management LLC Has $4.28 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Moran Wealth Management LLC decreased its stake in Progress Software Co. (NASDAQ:PRGS) by 0.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,651 shares of the software maker’s stock after selling 294 shares during the quarter. Moran Wealth Management LLC owned 0.17% of Progress Software worth $4,279,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Edgestream Partners L.P. acquired a new position in Progress Software in the second quarter valued at about $305,000. Dimensional Fund Advisors LP raised its stake in Progress Software by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,337,200 shares of the software maker’s stock worth $77,685,000 after buying an additional 11,389 shares during the period. TD Asset Management Inc acquired a new stake in Progress Software during the 2nd quarter worth $2,161,000. Swiss National Bank raised its stake in Progress Software by 1.4% during the 2nd quarter. Swiss National Bank now owns 94,200 shares of the software maker’s stock worth $5,473,000 after buying an additional 1,300 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Progress Software by 6.7% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 48,953 shares of the software maker’s stock worth $2,844,000 after buying an additional 3,058 shares during the period.

Insider Buying and Selling

In other Progress Software news, insider Kathryn Kulikoski sold 1,060 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $52.00, for a total value of $55,120.00. Following the completion of the sale, the insider now owns 3,351 shares in the company, valued at $174,252. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Sundar Subramanian sold 1,704 shares of Progress Software stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 24,920 shares of the company’s stock, valued at approximately $1,342,689.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Kathryn Kulikoski sold 1,060 shares of Progress Software stock in a transaction on Monday, November 6th. The stock was sold at an average price of $52.00, for a total value of $55,120.00. Following the sale, the insider now directly owns 3,351 shares of the company’s stock, valued at approximately $174,252. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,816 shares of company stock worth $440,212. Insiders own 3.40% of the company’s stock.

Progress Software Stock Up 1.0 %

Shares of PRGS stock opened at $53.62 on Tuesday. The firm’s fifty day moving average price is $53.15 and its two-hundred day moving average price is $56.70. Progress Software Co. has a 1 year low of $48.92 and a 1 year high of $62.34. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $2.34 billion, a P/E ratio of 30.47, a PEG ratio of 7.64 and a beta of 0.93.

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

Progress Software Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.175 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.31%. Progress Software’s dividend payout ratio is presently 39.77%.

Analyst Ratings Changes

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

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.