New York State Teachers Retirement System Trims Stake in Progress Software Co. (NASDAQ:PRGS)

New York State Teachers Retirement System trimmed its stake in Progress Software Co. (NASDAQ:PRGS) by 13.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,959 shares of the software maker’s stock after selling 12,346 shares during the period. New York State Teachers Retirement System’s holdings in Progress Software were worth $4,396,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Lazard Asset Management LLC increased its stake in Progress Software by 4.3% in the 4th quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after buying an additional 190 shares in the last quarter. Captrust Financial Advisors increased its stake in Progress Software by 1.1% in the 4th quarter. Captrust Financial Advisors now owns 17,769 shares of the software maker’s stock worth $896,000 after buying an additional 195 shares in the last quarter. Assetmark Inc. increased its stake in Progress Software by 9.2% in the 3rd quarter. Assetmark Inc. now owns 2,761 shares of the software maker’s stock worth $145,000 after buying an additional 232 shares in the last quarter. Blue Trust Inc. increased its stake in Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after buying an additional 239 shares in the last quarter. Finally, Yousif Capital Management LLC increased its stake in Progress Software by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock worth $1,895,000 after buying an additional 250 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have commented on PRGS shares. JPMorgan Chase & Co. dropped their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Wedbush increased their price objective on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, March 27th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Finally, DA Davidson started coverage on shares of Progress Software in a report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective for the company. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Progress Software currently has an average rating of “Buy” and an average price target of $64.60.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 2,475 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $57.38, for a total value of $142,015.50. Following the completion of the sale, the executive vice president now owns 21,198 shares of the company’s stock, valued at $1,216,341.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 2,475 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $57.38, for a total value of $142,015.50. Following the completion of the sale, the executive vice president now owns 21,198 shares of the company’s stock, valued at $1,216,341.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 4,503 shares of the firm’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $57.00, for a total transaction of $256,671.00. Following the transaction, the chief accounting officer now directly owns 2,900 shares in the company, valued at $165,300. The disclosure for this sale can be found here. Insiders sold a total of 81,248 shares of company stock valued at $4,612,902 over the last 90 days. Insiders own 3.40% of the company’s stock.

Progress Software Stock Down 1.3 %

Shares of NASDAQ:PRGS opened at $50.98 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.50. Progress Software Co. has a 12 month low of $49.02 and a 12 month high of $62.34. The company has a 50-day moving average price of $53.73 and a 200 day moving average price of $53.78. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 6.63 and a beta of 0.94.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 EPS. As a group, equities research analysts predict that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s payout ratio is currently 45.45%.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. 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, an 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.