Moody National Bank Trust Division Buys New Position in Progress Software Co. (NASDAQ:PRGS)

Moody National Bank Trust Division bought a new stake in Progress Software Co. (NASDAQ:PRGSGet Rating) during the second quarter, Holdings Channel.com reports. The fund bought 4,783 shares of the software maker’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of America Corp DE raised its stake in Progress Software by 5.4% in the first quarter. Bank of America Corp DE now owns 336,788 shares of the software maker’s stock valued at $15,858,000 after purchasing an additional 17,192 shares in the last quarter. Rice Hall James & Associates LLC grew its position in Progress Software by 38.8% during the first quarter. Rice Hall James & Associates LLC now owns 214,875 shares of the software maker’s stock valued at $10,118,000 after acquiring an additional 60,103 shares during the last quarter. Paradigm Capital Management Inc. NY grew its position in Progress Software by 3.2% during the first quarter. Paradigm Capital Management Inc. NY now owns 79,500 shares of the software maker’s stock valued at $3,744,000 after acquiring an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Progress Software by 6.9% during the first quarter. The Manufacturers Life Insurance Company now owns 518,754 shares of the software maker’s stock valued at $24,428,000 after acquiring an additional 33,631 shares during the last quarter. Finally, Van Hulzen Asset Management LLC grew its position in Progress Software by 14.1% during the first quarter. Van Hulzen Asset Management LLC now owns 8,269 shares of the software maker’s stock valued at $389,000 after acquiring an additional 1,019 shares during the last quarter. 98.90% of the stock is owned by hedge funds and other institutional investors.

Progress Software Stock Down 2.2 %

Shares of Progress Software stock opened at $43.24 on Wednesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.25 and a current ratio of 1.25. Progress Software Co. has a 52-week low of $41.68 and a 52-week high of $53.99. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 6.38 and a beta of 1.00. The company’s 50 day moving average price is $47.04 and its 200-day moving average price is $46.83.

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

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Wednesday, August 31st. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.

Analysts Set New Price Targets

A number of research analysts have commented on PRGS shares. Oppenheimer reduced their price target on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 29th. Jefferies Financial Group started coverage on shares of Progress Software in a research report on Friday, September 9th. They set a “hold” rating and a $52.00 price target on the stock. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 9th. Wedbush reiterated an “outperform” rating on shares of Progress Software in a research report on Wednesday, June 29th. Finally, Guggenheim started coverage on shares of Progress Software in a report on Friday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and an average target price of $55.40.

Insider Activity at Progress Software

In related news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $46.58, for a total value of $232,900.00. Following the sale, the chief executive officer now owns 75,000 shares in the company, valued at $3,493,500. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Progress Software news, EVP Jennifer Ortiz sold 1,254 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $50.14, for a total transaction of $62,875.56. Following the completion of the transaction, the executive vice president now owns 4,984 shares of the company’s stock, valued at $249,897.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Yogesh K. Gupta sold 5,000 shares of the firm’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $46.58, for a total value of $232,900.00. Following the transaction, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at approximately $3,493,500. The disclosure for this sale can be found here. Insiders have sold a total of 11,254 shares of company stock worth $543,426 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

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.

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

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