Mackenzie Financial Corp Sells 1,943 Shares of Progress Software Co. (NASDAQ:PRGS)

Mackenzie Financial Corp cut its position in Progress Software Co. (NASDAQ:PRGS) by 14.8% during the 4th quarter, HoldingsChannel reports. The firm owned 11,179 shares of the software maker’s stock after selling 1,943 shares during the quarter. Mackenzie Financial Corp’s holdings in Progress Software were worth $607,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Kendall Capital Management raised its holdings in Progress Software by 1.4% in the fourth quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after purchasing an additional 195 shares during the period. Assetmark Inc. raised its holdings in Progress Software by 9.2% in the third quarter. Assetmark Inc. now owns 2,761 shares of the software maker’s stock worth $145,000 after purchasing an additional 232 shares during the period. Blue Trust Inc. raised its holdings in Progress Software by 24.1% in the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares during the period. Inspire Investing LLC raised its holdings in Progress Software by 6.5% in the third quarter. Inspire Investing LLC now owns 6,622 shares of the software maker’s stock worth $348,000 after purchasing an additional 404 shares during the period. Finally, Pathstone Family Office LLC raised its holdings in Progress Software by 3.6% in the third quarter. Pathstone Family Office LLC now owns 11,633 shares of the software maker’s stock worth $612,000 after purchasing an additional 409 shares during the period.

Progress Software Stock Down 1.8 %

Progress Software stock opened at $50.70 on Friday. The company has a market cap of $2.22 billion, a P/E ratio of 32.92, a price-to-earnings-growth ratio of 6.71 and a beta of 0.94. Progress Software Co. has a 1-year low of $49.00 and a 1-year high of $62.34. The company has a fifty day simple moving average of $52.69 and a 200 day simple moving average of $53.67. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The business 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 earnings per share. Research analysts anticipate that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The firm also recently announced 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. This represents a $0.70 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is currently 45.45%.

Analyst Upgrades and Downgrades

PRGS has been the topic of several analyst reports. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. DA Davidson started coverage on shares of Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective for the company. Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. Wedbush increased their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $64.60.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Ian Pitt sold 3,168 shares of Progress Software stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.40, for a total value of $181,843.20. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 7,500 shares of Progress Software stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total transaction of $430,575.00. Following the completion of the transaction, the chief financial officer now directly owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,745 shares of company stock valued at $5,376,231. Corporate insiders own 3.40% of the company’s stock.

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.