Swedbank AB Acquires 280,195 Shares of Progress Software Co. (NASDAQ:PRGS)

Swedbank AB raised its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 144.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 474,447 shares of the software maker’s stock after acquiring an additional 280,195 shares during the period. Swedbank AB owned approximately 1.11% of Progress Software worth $25,743,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC bought a new stake in shares of Progress Software in the 4th quarter valued at $28,000. Principal Securities Inc. acquired a new stake in Progress Software in the 4th quarter valued at about $68,000. EntryPoint Capital LLC raised its holdings in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares during the period. TFO Wealth Partners LLC raised its holdings in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after acquiring an additional 2,251 shares during the period. Finally, Assetmark Inc. raised its holdings in Progress Software by 19.5% in the 4th quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock valued at $179,000 after acquiring an additional 539 shares during the period.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 3,767 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,530 shares of company stock valued at $955,238. 3.40% of the stock is currently owned by insiders.

Progress Software Price Performance

Progress Software stock traded down $0.03 during mid-day trading on Friday, reaching $56.66. The company had a trading volume of 165,109 shares, compared to its average volume of 490,101. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.34. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.42 billion, a P/E ratio of 34.55, a P/E/G ratio of 7.22 and a beta of 0.93. The business has a fifty day simple moving average of $54.28 and a 200 day simple moving average of $53.17.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The company had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. On average, equities research analysts predict that Progress Software Co. will post 3.91 earnings per share for the current year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.24%. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.

Wall Street Analysts Forecast Growth

PRGS has been the topic of several research analyst reports. DA Davidson reissued a “buy” rating and issued a $65.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Guggenheim reaffirmed a “buy” rating and set a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Finally, Wedbush raised their target price on shares of Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

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.