PNC Financial Services Group Inc. Sells 344 Shares of Progress Software Co. (NASDAQ:PRGS)

PNC Financial Services Group Inc. reduced its holdings in shares of Progress Software Co. (NASDAQ:PRGSFree Report) by 5.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 6,413 shares of the software maker’s stock after selling 344 shares during the period. PNC Financial Services Group Inc.’s holdings in Progress Software were worth $348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRGS. Kendall Capital Management raised its position in Progress Software by 1.4% during the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock valued at $758,000 after purchasing an additional 195 shares in the last quarter. Blue Trust Inc. grew its stake in Progress Software by 24.1% during 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 during the last quarter. Illinois Municipal Retirement Fund grew its stake in Progress Software by 1.2% during the 4th quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after buying an additional 302 shares during the last quarter. Pathstone Family Office LLC grew its stake in Progress Software by 3.6% during the 3rd quarter. Pathstone Family Office LLC now owns 11,633 shares of the software maker’s stock worth $612,000 after buying an additional 409 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new position in Progress Software during the 4th quarter worth $28,000.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRGS. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Wedbush boosted their price objective on 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 price objective on shares of Progress Software in a report on Wednesday, March 27th. JPMorgan Chase & Co. decreased their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Finally, DA Davidson began coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $64.60.

Check Out Our Latest Analysis on Progress Software

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the transaction, the executive vice president now owns 17,195 shares of the company’s stock, valued at $857,858.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares in the company, valued at $857,858.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Ainsworth sold 30,631 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $51.03, for a total value of $1,563,099.93. Following the completion of the sale, the executive vice president now owns 32,002 shares of the company’s stock, valued at $1,633,062.06. The disclosure for this sale can be found here. Insiders sold 51,994 shares of company stock valued at $2,651,708 over the last quarter. 3.30% of the stock is currently owned by insiders.

Progress Software Stock Performance

NASDAQ PRGS opened at $49.88 on Wednesday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 6.59 and a beta of 0.93. Progress Software Co. has a twelve month low of $48.99 and a twelve month high of $62.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. The stock has a 50-day moving average of $50.98 and a 200 day moving average of $53.42.

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

Progress Software Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.40%. Progress Software’s payout ratio is currently 45.45%.

Progress Software Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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