Progress Software Co. (NASDAQ:PRGS) Shares Purchased by Meritage Portfolio Management

Meritage Portfolio Management grew its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,432 shares of the software maker’s stock after acquiring an additional 724 shares during the period. Meritage Portfolio Management’s holdings in Progress Software were worth $729,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. GAMMA Investing LLC purchased a new stake in Progress Software in the 4th quarter worth approximately $28,000. Headlands Technologies LLC acquired a new position in shares of Progress Software during the 3rd quarter valued at $40,000. Orion Capital Management LLC acquired a new position in shares of Progress Software during the 3rd quarter valued at $41,000. Clear Street Markets LLC acquired a new position in shares of Progress Software during the 3rd quarter valued at $50,000. Finally, Blue Trust Inc. lifted its holdings in shares of Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after acquiring an additional 239 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PRGS shares. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. Wedbush boosted their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. 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. cut their target price 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. Finally, DA Davidson began coverage on shares of Progress Software in a research note on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progress Software has a consensus rating of “Buy” and a consensus price target of $64.60.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction 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 transaction, 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 accessible through this link. In other Progress Software news, Director David Krall sold 20,000 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the 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 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 have sold 96,745 shares of company stock worth $5,376,231. 3.40% of the stock is owned by insiders.

Progress Software Price Performance

PRGS stock traded down $0.32 on Friday, hitting $50.38. 107,124 shares of the company’s stock traded hands, compared to its average volume of 573,687. Progress Software Co. has a 1-year low of $49.00 and a 1-year high of $62.34. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 32.92, a P/E/G ratio of 6.71 and a beta of 0.94. The stock has a fifty day moving average of $52.69 and a 200-day moving average of $53.67. 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 announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The company had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the prior year, the business posted $1.01 EPS. Progress Software’s quarterly revenue was up 11.5% on a year-over-year basis. On average, analysts forecast that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors 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 payout ratio is presently 45.45%.

About Progress Software

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.