Leuthold Group LLC Lowers Stake in Progress Software Co. (NASDAQ:PRGS)

Leuthold Group LLC lessened its position in shares of Progress Software Co. (NASDAQ:PRGS) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,399 shares of the software maker’s stock after selling 235 shares during the period. Leuthold Group LLC owned approximately 0.10% of Progress Software worth $2,367,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after acquiring an additional 37,487 shares in the last quarter. Boston Trust Walden Corp raised its stake in 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 buying an additional 33,289 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Progress Software by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after buying an additional 23,097 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after buying an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after acquiring an additional 312,537 shares during the period.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the sale, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the transaction, the executive vice president now owns 17,195 shares in the company, valued at approximately $857,858.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,263 shares of company stock valued at $2,011,896. Company insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Guggenheim restated a “buy” rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.14.

Progress Software Trading Down 0.5 %

PRGS stock traded down $0.26 during midday trading on Friday, reaching $54.68. The company’s stock had a trading volume of 103,769 shares, compared to its average volume of 517,389. The business’s 50-day simple moving average is $51.27 and its 200-day simple moving average is $52.96. The stock has a market cap of $2.34 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 6.86 and a beta of 0.93. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $62.34. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is 42.68%.

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.