Wedge Capital Management L L P NC Makes New $1.69 Million Investment in Progress Software Co. (NASDAQ:PRGS)

Wedge Capital Management L L P NC acquired a new stake in shares of Progress Software Co. (NASDAQ:PRGS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 31,189 shares of the software maker’s stock, valued at approximately $1,692,000. Wedge Capital Management L L P NC owned about 0.07% of Progress Software at the end of the most recent quarter.

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

Progress Software Price Performance

Shares of NASDAQ PRGS traded down $0.11 during midday trading on Friday, hitting $56.58. The stock had a trading volume of 18,046 shares, compared to its average volume of 489,121. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $62.34. The company has a market capitalization of $2.42 billion, a PE ratio of 34.57, a P/E/G ratio of 7.22 and a beta of 0.93. The stock has a 50 day simple moving average of $54.15 and a 200-day simple moving average of $53.18.

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

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.24%. Progress Software’s dividend payout ratio is presently 42.68%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PRGS shares. DA Davidson reiterated a “buy” rating and issued a $65.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Jefferies Financial Group decreased their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Guggenheim reissued a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Finally, Wedbush raised their target price on 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 assigned a buy rating to the company. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 17,530 shares of company stock worth $955,238 in the last three months. 3.40% of the stock is owned by corporate insiders.

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.