Allspring Global Investments Holdings LLC Increases Stock Position in Progress Software Co. (NASDAQ:PRGS)

Allspring Global Investments Holdings LLC grew its stake in Progress Software Co. (NASDAQ:PRGS) by 79.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 708,324 shares of the software maker’s stock after buying an additional 312,537 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.61% of Progress Software worth $37,761,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRGS. GAMMA Investing LLC bought a new stake in shares of Progress Software during the 4th quarter worth $28,000. Orion Capital Management LLC purchased a new position in shares of Progress Software in the 3rd quarter worth about $41,000. Blue Trust Inc. boosted its holdings in shares of Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Progress Software during the 4th quarter valued at about $68,000. Finally, TFO Wealth Partners LLC raised its holdings in shares of Progress Software by 225,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after buying an additional 2,251 shares in the last quarter.

Progress Software Trading Down 0.7 %

NASDAQ PRGS opened at $54.43 on Friday. The stock has a market cap of $2.35 billion, a P/E ratio of 33.19, a price-to-earnings-growth ratio of 6.99 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.34. The stock has a 50 day simple moving average of $50.85 and a two-hundred day simple moving average of $52.99. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Friday, August 30th. Progress Software’s payout ratio is 42.68%.

Analyst Ratings Changes

PRGS has been the topic of a number of recent research reports. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. 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. JPMorgan Chase & Co. cut their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $63.14.

Insider Activity at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progress Software news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $190,233.50. Following the completion of the transaction, 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. Insiders have sold a total of 58,679 shares of company stock worth $2,999,776 over the last quarter. Corporate insiders own 3.30% of the company’s stock.

Progress Software Company 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.