Dimensional Fund Advisors LP Decreases Holdings in Progress Software Co. (NASDAQ:PRGS)

Dimensional Fund Advisors LP cut its holdings in shares of Progress Software Co. (NASDAQ:PRGS – Get Rating) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,306,203 shares of the software maker’s stock after selling 22,280 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.01% of Progress Software worth $65,898,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PRGS. Wellington Management Group LLP increased its position in shares of Progress Software by 25.4% during the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after purchasing an additional 250,733 shares during the last quarter. Ziegler Capital Management LLC purchased a new stake in Progress Software in the 4th quarter worth about $9,459,000. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 35.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 450,537 shares of the software maker’s stock worth $22,730,000 after acquiring an additional 118,994 shares during the last quarter. BNP Paribas Arbitrage SNC increased its holdings in Progress Software by 234.4% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 128,929 shares of the software maker’s stock worth $5,486,000 after acquiring an additional 90,370 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Progress Software by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,989,378 shares of the software maker’s stock worth $212,298,000 after acquiring an additional 84,371 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRGS. Citigroup lifted their price objective on Progress Software from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, March 30th. Oppenheimer lifted their price target on Progress Software from $53.00 to $63.00 and gave the company an “outperform” rating in a research report on Wednesday, March 29th. Guggenheim reiterated a “buy” rating and set a $64.00 price target on shares of Progress Software in a research report on Wednesday, March 29th. JPMorgan Chase & Co. raised 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. Finally, StockNews.com initiated coverage on Progress Software in a report on Thursday, May 18th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.20.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 3,775 shares of the company’s stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $55.84, for a total value of $210,796.00. Following the completion of the sale, the chief financial officer now owns 22,116 shares in the company, valued at $1,234,957.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Loren Jarrett sold 46,028 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 9,961 shares of the company’s stock, valued at $563,493.77. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 3,775 shares of the 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 transaction, the chief financial officer now directly owns 22,116 shares of the company’s stock, valued at $1,234,957.44. The disclosure for this sale can be found here. Insiders 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 Price Performance

Shares of Progress Software stock opened at $59.85 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.87 and a quick ratio of 0.87. The business’s 50 day simple moving average is $56.22 and its two-hundred day simple moving average is $54.58. The stock has a market capitalization of $2.59 billion, a P/E ratio of 26.84, a price-to-earnings-growth ratio of 8.80 and a beta of 0.94. Progress Software Co. has a one year low of $40.33 and a one year high of $60.43.

Progress Software (NASDAQ:PRGS – Get Rating) last announced its quarterly earnings results on Tuesday, March 28th. The software maker reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.14. Progress Software had a return on equity of 41.56% and a net margin of 15.82%. The business had revenue of $165.61 million for the quarter, compared to analysts’ expectations of $158.77 million. During the same period in the previous year, the firm earned $0.85 EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis. Analysts forecast that Progress Software Co. will post 3.35 EPS for the current year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Wednesday, May 31st. Progress Software’s dividend payout ratio (DPR) is 31.39%.

Progress Software 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.