123,186 Shares in Progress Software Co. (NASDAQ:PRGS) Bought by F M Investments LLC

F M Investments LLC purchased a new stake in Progress Software Co. (NASDAQ:PRGS) during the second quarter, according to its most recent filing with the SEC. The fund purchased 123,186 shares of the software maker’s stock, valued at approximately $6,684,000. F M Investments LLC owned about 0.29% of Progress Software as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. Allspring Global Investments Holdings LLC lifted its stake in shares of Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter. Norges Bank bought a new position in shares of Progress Software during the 4th quarter worth approximately $15,701,000. Swedbank AB grew its stake in Progress Software by 144.2% during the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after buying an additional 280,195 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Progress Software by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after acquiring an additional 95,594 shares during the last quarter.

Analysts Set New Price Targets

Several research firms recently commented on PRGS. Guggenheim reaffirmed a “buy” rating and set a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. Wedbush raised their target price on Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Finally, DA Davidson reissued a “buy” rating and set a $65.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.50.

Insider Activity at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,530 shares of company stock worth $955,238. 3.40% of the stock is currently owned by insiders.

Progress Software Price Performance

PRGS traded down $0.11 on Friday, hitting $58.15. 305,695 shares of the company were exchanged, compared to its average volume of 474,329. The business’s fifty day moving average is $55.70 and its 200 day moving average is $53.18. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.26. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The firm has a market capitalization of $2.49 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 7.25 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating the consensus estimate of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The business had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. As a group, sell-side analysts anticipate that Progress Software Co. will post 3.91 EPS for the current year.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.20%. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.

Progress Software 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.