US Bancorp DE Has $1.23 Million Position in Progress Software Co. (NASDAQ:PRGS)

US Bancorp DE lowered its stake in shares of Progress Software Co. (NASDAQ:PRGSGet Rating) by 8.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,070 shares of the software maker’s stock after selling 2,280 shares during the period. US Bancorp DE’s holdings in Progress Software were worth $1,227,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Advisor Group Holdings Inc. lifted its stake in shares of Progress Software by 375.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 8,652 shares of the software maker’s stock valued at $418,000 after purchasing an additional 6,832 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Progress Software by 62.4% in the 4th quarter. ProShare Advisors LLC now owns 10,984 shares of the software maker’s stock valued at $530,000 after purchasing an additional 4,221 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Progress Software by 69.0% in the 4th quarter. Raymond James & Associates now owns 40,555 shares of the software maker’s stock valued at $1,958,000 after purchasing an additional 16,551 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Progress Software by 12.3% in the 4th quarter. Bank of America Corp DE now owns 319,596 shares of the software maker’s stock valued at $15,426,000 after purchasing an additional 35,106 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Progress Software by 20.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker’s stock valued at $68,000 after purchasing an additional 241 shares during the last quarter. Institutional investors and hedge funds own 98.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Guggenheim assumed coverage on shares of Progress Software in a research note on Friday, August 12th. They issued a “buy” rating and a $60.00 price objective for the company. Wedbush reaffirmed an “outperform” rating on shares of Progress Software in a research note on Wednesday, June 29th. Finally, Oppenheimer cut their target price on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, June 29th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $56.25.

Insider Transactions at Progress Software

In other news, EVP Jennifer Ortiz sold 1,254 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $50.14, for a total transaction of $62,875.56. Following the transaction, the executive vice president now owns 4,984 shares in the company, valued at approximately $249,897.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Jennifer Ortiz sold 1,254 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $50.14, for a total transaction of $62,875.56. Following the transaction, the executive vice president now owns 4,984 shares in the company, valued at approximately $249,897.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Yogesh K. Gupta sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $46.58, for a total transaction of $232,900.00. Following the transaction, the chief executive officer now owns 75,000 shares in the company, valued at approximately $3,493,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,254 shares of company stock worth $779,826. 3.20% of the stock is currently owned by company insiders.

Progress Software Stock Down 1.3 %

Progress Software stock opened at $46.29 on Tuesday. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 6.68 and a beta of 1.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.25 and a quick ratio of 1.25. Progress Software Co. has a fifty-two week low of $41.68 and a fifty-two week high of $53.99. The firm has a fifty day moving average price of $47.25 and a two-hundred day moving average price of $46.71.

Progress Software (NASDAQ:PRGSGet Rating) last released its earnings results on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The firm had revenue of $148.70 million during the quarter, compared to analyst estimates of $146.45 million. During the same quarter in the previous year, the business earned $0.67 EPS. The business’s revenue was up 15.1% on a year-over-year basis. As a group, analysts forecast that Progress Software Co. will post 3.47 earnings per share for the current year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.175 per share. The ex-dividend date is Wednesday, August 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.51%. Progress Software’s payout ratio is 32.56%.

About Progress Software

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

See Also

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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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