Quest Partners LLC Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

Quest Partners LLC purchased a new stake in shares of Progress Software Co. (NASDAQ:PRGS) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,951 shares of the software maker’s stock, valued at approximately $160,000.

Other large investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares during the period. Norges Bank bought a new stake in Progress Software during the 4th quarter valued at $15,701,000. Swedbank AB boosted its position in Progress Software by 144.2% during the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after buying an additional 280,195 shares during the period. Boston Trust Walden Corp grew its holdings in Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after acquiring an additional 192,899 shares during the last quarter. Finally, F M Investments LLC purchased a new position in shares of Progress Software in the second quarter valued at about $6,684,000.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim reissued a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Jefferies Financial Group decreased their price objective 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. Finally, DA Davidson reaffirmed a “buy” rating and set a $65.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

Insider Buying and Selling

In other news, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold a total of 13,763 shares of company stock worth $765,004 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Up 1.3 %

NASDAQ:PRGS opened at $57.99 on Monday. 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 firm’s 50-day moving average price is $56.73 and its 200-day moving average price is $53.33. The company has a market capitalization of $2.48 billion, a PE ratio of 35.36, a P/E/G ratio of 7.33 and a beta of 0.91. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $60.33.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. On average, equities analysts predict that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Progress Software Announces Dividend

The business also recently declared 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. This represents a $0.70 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio is presently 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.