TCG Advisory Services LLC Makes New $760,000 Investment in Progress Software Co. (NASDAQ:PRGS)

TCG Advisory Services LLC bought a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,000 shares of the software maker’s stock, valued at approximately $760,000.

Several other institutional investors have also made changes to their positions in the stock. Robeco Institutional Asset Management B.V. increased its position in shares of Progress Software by 207.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 79,895 shares of the software maker’s stock worth $4,201,000 after purchasing an additional 53,919 shares during the period. Raymond James & Associates lifted its holdings in shares of Progress Software by 1.9% during the 3rd quarter. Raymond James & Associates now owns 54,613 shares of the software maker’s stock worth $2,872,000 after acquiring an additional 1,024 shares during the period. Miracle Mile Advisors LLC boosted its position in shares of Progress Software by 8.8% during the 3rd quarter. Miracle Mile Advisors LLC now owns 6,801 shares of the software maker’s stock worth $358,000 after acquiring an additional 550 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Progress Software by 13.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,292 shares of the software maker’s stock worth $699,000 after acquiring an additional 1,616 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in Progress Software in the third quarter valued at approximately $675,000.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the transaction, the executive vice president now owns 17,195 shares in the company, valued at approximately $857,858.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $857,858.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Krall sold 20,000 shares of the stock in a transaction on Thursday, April 11th. The stock was 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 owns 86,641 shares in the company, valued at $4,418,691. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,858 shares of company stock worth $1,496,063. Corporate insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. DA Davidson started coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price on the stock. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Wedbush raised their price target on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer reiterated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. cut their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. One investment 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, Progress Software presently has a consensus rating of “Buy” and an average price target of $64.60.

Progress Software Trading Up 0.1 %

Shares of PRGS stock traded up $0.07 during trading hours on Friday, hitting $50.51. 217,718 shares of the company’s stock traded hands, compared to its average volume of 456,532. The stock has a market cap of $2.18 billion, a PE ratio of 32.80, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The stock’s 50 day simple moving average is $52.04 and its 200 day simple moving average is $53.55. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software Co. has a 12 month low of $49.00 and a 12 month high of $62.34.

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

Progress Software Dividend Announcement

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 paid 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 Monday, June 3rd. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

About Progress Software

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.