Russell Investments Group Ltd. Acquires 13,305 Shares of Progress Software Co. (NASDAQ:PRGS)

Posted by Defense World Staff on Aug 25th, 2023

Russell Investments Group Ltd. raised its holdings in shares of Progress Software Co. (NASDAQ:PRGS – Free Report) by 31.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,868 shares of the software maker’s stock after purchasing an additional 13,305 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of Progress Software worth $3,210,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Progress Software by 1.7% during the third quarter. Vanguard Group Inc. now owns 4,989,378 shares of the software maker’s stock worth $212,298,000 after purchasing an additional 84,371 shares during the last quarter. Boston Trust Walden Corp increased its stake in shares of Progress Software by 2.9% during the first quarter. Boston Trust Walden Corp now owns 1,665,324 shares of the software maker’s stock valued at $95,673,000 after buying an additional 46,468 shares during the period. State Street Corp increased its stake in shares of Progress Software by 3.0% during the first quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock valued at $68,740,000 after buying an additional 42,824 shares during the period. Wellington Management Group LLP increased its stake in shares of Progress Software by 25.4% during the first quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after buying an additional 250,733 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its stake in shares of Progress Software by 2.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,132,099 shares of the software maker’s stock valued at $57,114,000 after buying an additional 25,825 shares during the period.

Progress Software Price Performance

PRGS opened at $60.60 on Friday. The business’s 50-day moving average is $58.49 and its two-hundred day moving average is $57.65. Progress Software Co. has a 1 year low of $40.33 and a 1 year high of $61.97. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $2.63 billion, a PE ratio of 32.93, a price-to-earnings-growth ratio of 8.62 and a beta of 0.92.

Progress Software (NASDAQ:PRGS – Get Free Report) last posted its earnings results on Thursday, June 29th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.16. The company had revenue of $179.23 million for the quarter, compared to analyst estimates of $169.78 million. Progress Software had a return on equity of 40.44% and a net margin of 12.49%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 earnings per share. Research analysts anticipate that Progress Software Co. will post 3.48 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.16%. The ex-dividend date is Thursday, August 31st. Progress Software’s dividend payout ratio is presently 38.04%.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $58.99, for a total value of $589,900.00. Following the completion of the sale, the chief financial officer now owns 20,098 shares of the company’s stock, valued at $1,185,581.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $58.99, for a total value of $589,900.00. Following the completion of the sale, the chief financial officer now owns 20,098 shares of the company’s stock, valued at $1,185,581.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kathryn Kulikoski sold 2,122 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $57.87, for a total value of $122,800.14. Following the completion of the sale, the insider now directly owns 5,216 shares of the company’s stock, valued at approximately $301,849.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,396 shares of company stock valued at $1,024,807. 3.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PRGS shares. StockNews.com started coverage on Progress Software in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Citigroup raised their price target on Progress Software from $57.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8th. Finally, Oppenheimer raised their price target on Progress Software from $63.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, June 30th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.80.

Check Out Our Latest Report on Progress Software

About Progress Software

(Free Report)

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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.