Yousif Capital Management LLC Trims Holdings in Progress Software Co. (NASDAQ:PRGS)

Yousif Capital Management LLC reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,072 shares of the software maker’s stock after selling 257 shares during the quarter. Yousif Capital Management LLC’s holdings in Progress Software were worth $1,199,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PRGS. Vanguard Group Inc. boosted its position in Progress Software by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,496,755 shares of the software maker’s stock valued at $289,019,000 after buying an additional 123,157 shares during the period. Boston Trust Walden Corp grew its stake in Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after purchasing an additional 33,289 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in Progress Software during the 3rd quarter worth $27,737,000. The Manufacturers Life Insurance Company raised its position in Progress Software by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 493,641 shares of the software maker’s stock valued at $25,956,000 after purchasing an additional 5,289 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Progress Software by 0.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 472,228 shares of the software maker’s stock worth $25,667,000 after buying an additional 2,567 shares during the period.

Insider Transactions at Progress Software

In related news, Director David Krall sold 20,000 shares of the stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the sale, the executive vice president now directly owns 15,399 shares in the company, valued at $809,679.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David Krall sold 20,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,858 shares of company stock worth $1,496,063. Insiders own 3.40% of the company’s stock.

Progress Software Stock Up 0.1 %

Shares of Progress Software stock opened at $50.51 on Friday. Progress Software Co. has a 52-week low of $49.00 and a 52-week high of $62.34. The firm’s 50 day moving average price is $52.16 and its 200-day moving average price is $53.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. The company has a market cap of $2.18 billion, a P/E ratio of 32.80, a PEG ratio of 6.52 and a beta 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 business had revenue of $184.69 million for 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%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 earnings per share. On average, sell-side analysts predict that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

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

Analysts Set New Price Targets

PRGS has been the topic of several research reports. DA Davidson assumed coverage on Progress Software in a research note on Thursday, March 28th. They set a “buy” rating and a $65.00 price target on the stock. JPMorgan Chase & Co. reduced their price target 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. Oppenheimer reiterated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. Wedbush boosted their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $64.60.

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.