PNC Financial Services Group Inc. Sells 344 Shares of Progress Software Co. (NASDAQ:PRGS)

PNC Financial Services Group Inc. trimmed its holdings in Progress Software Co. (NASDAQ:PRGS) by 5.1% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 6,413 shares of the software maker’s stock after selling 344 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Progress Software were worth $348,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PRGS. GAMMA Investing LLC bought a new stake in shares of Progress Software in the fourth quarter worth approximately $28,000. Orion Capital Management LLC purchased a new stake in Progress Software during the 3rd quarter valued at $41,000. 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 buying an additional 239 shares during the period. Principal Securities Inc. purchased a new position in shares of Progress Software in the 4th quarter worth $68,000. Finally, TFO Wealth Partners LLC grew its holdings in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after acquiring an additional 2,251 shares during the period.

Analysts Set New Price Targets

A number of research analysts have weighed in on PRGS shares. Guggenheim reissued a “buy” rating and issued a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday. DA Davidson reiterated a “buy” rating and set a $65.00 price target on shares of Progress Software in a research note on Wednesday. Finally, Jefferies Financial Group reduced their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.14.

Progress Software Stock Up 0.0 %

Shares of PRGS stock opened at $54.26 on Friday. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 7.05 and a beta of 0.93. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The company’s fifty day moving average price is $50.61 and its 200-day moving average price is $53.00. Progress Software Co. has a one year low of $48.00 and a one year high of $62.34.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. Progress Software’s payout ratio is 42.68%.

Insider Transactions at Progress Software

In related news, insider Yufan Stephanie Wang sold 779 shares of Progress Software 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Yufan Stephanie Wang sold 779 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Ainsworth sold 30,631 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total transaction of $1,563,099.93. Following the completion of the sale, the executive vice president now owns 32,002 shares in the company, valued at approximately $1,633,062.06. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock valued at $2,841,941 over the last 90 days. Company insiders own 3.40% of the company’s stock.

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.