Bahl & Gaynor Inc. Grows Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Bahl & Gaynor Inc. lifted its position in shares of Progress Software Co. (NASDAQ:PRGSFree Report) by 2.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,637 shares of the software maker’s stock after buying an additional 813 shares during the quarter. Bahl & Gaynor Inc. owned approximately 0.07% of Progress Software worth $1,664,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Kendall Capital Management increased its holdings in Progress Software by 1.4% in the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock valued at $758,000 after acquiring an additional 195 shares during the last quarter. Assetmark Inc. increased its holdings in Progress Software by 9.2% in the 3rd quarter. Assetmark Inc. now owns 2,761 shares of the software maker’s stock valued at $145,000 after acquiring an additional 232 shares during the last quarter. Blue Trust Inc. increased its holdings in Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after acquiring an additional 239 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in Progress Software by 1.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock valued at $1,374,000 after acquiring an additional 302 shares during the last quarter. Finally, Inspire Investing LLC increased its holdings in Progress Software by 6.5% in the 3rd quarter. Inspire Investing LLC now owns 6,622 shares of the software maker’s stock valued at $348,000 after acquiring an additional 404 shares during the last quarter.

Progress Software Stock Performance

Shares of NASDAQ:PRGS opened at $50.34 on Friday. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 6.59 and a beta of 0.94. Progress Software Co. has a 12 month low of $49.00 and a 12 month high of $62.34. The firm’s 50-day moving average is $52.58 and its 200 day moving average is $53.65. 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:PRGSGet Free Report) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million for 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 was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 EPS. Research analysts predict that Progress Software Co. will post 3.85 EPS for the current year.

Progress Software Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have issued reports on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Wedbush boosted their target price on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. DA Davidson started coverage on shares of Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Finally, Oppenheimer restated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $64.60.

Check Out Our Latest Stock Analysis on Progress Software

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were 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 owns 23,865 shares of the company’s stock, valued at approximately $1,367,703.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $57.31, for a total transaction of $429,825.00. Following the completion of the transaction, the chief financial officer now owns 23,865 shares in the company, valued at approximately $1,367,703.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sundar Subramanian sold 2,475 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $57.38, for a total transaction of $142,015.50. Following the transaction, the executive vice president now owns 21,198 shares of the company’s stock, valued at approximately $1,216,341.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,745 shares of company stock valued at $5,376,231. Company insiders own 3.40% of the company’s stock.

About Progress Software

(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.

See Also

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

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