Nisa Investment Advisors LLC Sells 900 Shares of Progress Software Co. (NASDAQ:PRGS)

Nisa Investment Advisors LLC decreased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 38.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,419 shares of the software maker’s stock after selling 900 shares during the period. Nisa Investment Advisors LLC’s holdings in Progress Software were worth $77,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in Progress Software during the 3rd quarter valued at approximately $40,000. Orion Capital Management LLC purchased a new stake in Progress Software during the 3rd quarter valued at approximately $41,000. Clear Street Markets LLC purchased a new stake in Progress Software during the 3rd quarter valued at approximately $50,000. Ronald Blue Trust Inc. grew its holdings in Progress Software by 353.0% during the 3rd quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock valued at $52,000 after buying an additional 773 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after buying an additional 371 shares in the last quarter.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $57.31, for a total value of $429,825.00. Following the completion of the sale, the chief financial officer now directly owns 23,865 shares in the company, valued at $1,367,703.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Anthony Folger sold 7,500 shares of Progress Software stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $57.31, for a total transaction of $429,825.00. Following the completion of the sale, the chief financial officer now directly owns 23,865 shares in the company, valued at $1,367,703.15. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Krall sold 20,000 shares of Progress Software stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Insiders sold a total of 96,745 shares of company stock worth $5,376,231 over the last three months. 3.40% of the stock is owned by insiders.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. DA Davidson initiated 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. Wedbush raised their target price 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 issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. JPMorgan Chase & Co. cut their target price 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. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progress Software has a consensus rating of “Buy” and a consensus price target of $64.60.

Progress Software Trading Up 0.4 %

PRGS stock opened at $50.41 on Friday. The firm has a market cap of $2.21 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 6.53 and a beta of 0.94. The firm has a fifty day moving average price of $53.06 and a 200 day moving average price of $53.70. Progress Software Co. has a fifty-two week low of $49.00 and a fifty-two week high of $62.34. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. Progress Software’s revenue was up 11.5% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. Sell-side analysts anticipate that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.39%. Progress Software’s dividend payout ratio is presently 45.45%.

Progress Software Profile

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.