Arizona State Retirement System Grows Stock Position in Progress Software Co. (NASDAQ:PRGS)

Posted by Defense World Staff on May 18th, 2023

Arizona State Retirement System raised its holdings in Progress Software Co. (NASDAQ:PRGS – Get Rating) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,264 shares of the software maker’s stock after buying an additional 371 shares during the quarter. Arizona State Retirement System’s holdings in Progress Software were worth $619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TFO TDC LLC purchased a new stake in Progress Software in the fourth quarter valued at about $48,000. Ronald Blue Trust Inc. increased its holdings in shares of Progress Software by 123.2% in the fourth quarter. Ronald Blue Trust Inc. now owns 953 shares of the software maker’s stock valued at $41,000 after purchasing an additional 526 shares during the period. Federated Hermes Inc. increased its holdings in shares of Progress Software by 46.7% in the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Progress Software in the third quarter valued at about $87,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Progress Software in the fourth quarter valued at about $123,000.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PRGS. Citigroup increased their price objective on Progress Software from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, March 30th. JPMorgan Chase & Co. increased their price objective on Progress Software from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, March 29th. Oppenheimer increased their price objective on Progress Software from $53.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, March 29th. Guggenheim reaffirmed a “buy” rating and set a $64.00 target price on shares of Progress Software in a report on Wednesday, March 29th. Finally, StockNews.com initiated coverage on Progress Software in a report on Thursday. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.20.

Insider Activity

In other news, EVP Loren Jarrett sold 46,028 shares of the firm’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $56.57, for a total value of $2,603,803.96. Following the transaction, the executive vice president now owns 9,961 shares in the company, valued at $563,493.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Loren Jarrett sold 46,028 shares of the firm’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $56.57, for a total value of $2,603,803.96. Following the transaction, the executive vice president now owns 9,961 shares in the company, valued at $563,493.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 3,775 shares of the firm’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $55.84, for a total value of $210,796.00. Following the completion of the transaction, the chief financial officer now owns 22,116 shares in the company, valued at approximately $1,234,957.44. The disclosure for this sale can be found here. Insiders have sold a total of 70,037 shares of company stock worth $3,914,127 over the last quarter. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Stock Up 0.6 %

Shares of PRGS opened at $56.66 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.94. Progress Software Co. has a 12 month low of $40.33 and a 12 month high of $59.36. The stock’s 50 day moving average is $56.06 and its two-hundred day moving average is $54.25. The firm has a market cap of $2.45 billion, a P/E ratio of 25.41, a PEG ratio of 8.31 and a beta of 0.94.

Progress Software (NASDAQ:PRGS – Get Rating) last issued its quarterly earnings data on Tuesday, March 28th. The software maker reported $1.19 EPS for the quarter, beating the consensus estimate of $1.05 by $0.14. Progress Software had a return on equity of 41.56% and a net margin of 15.82%. The company had revenue of $165.61 million for the quarter, compared to analyst estimates of $158.77 million. During the same period last year, the company earned $0.85 earnings per share. Progress Software’s quarterly revenue was up 12.3% compared to the same quarter last year. Analysts predict that Progress Software Co. will post 3.35 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a $0.175 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.24%. Progress Software’s dividend payout ratio (DPR) is presently 31.39%.

Progress Software Company Profile

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Progress Software Corp. engages in the provision of products that develop and deploy mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.