Progress Software Co. (NASDAQ:PRGS) Shares Bought by Whittier Trust Co.

Whittier Trust Co. increased its holdings in Progress Software Co. (NASDAQ:PRGS) by 3.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,998 shares of the software maker’s stock after purchasing an additional 3,125 shares during the quarter. Whittier Trust Co. owned 0.19% of Progress Software worth $4,478,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC acquired a new position in Progress Software in the 4th quarter worth about $28,000. Orion Capital Management LLC acquired a new position in Progress Software in the 3rd quarter worth about $41,000. Blue Trust Inc. raised 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 worth $65,000 after purchasing an additional 239 shares during the period. Principal Securities Inc. acquired a new position in Progress Software in the 4th quarter worth about $68,000. Finally, 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 worth $122,000 after purchasing an additional 2,251 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PRGS shares. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Jefferies Financial Group reduced their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. DA Davidson reissued a “buy” rating and set a $65.00 target price on shares of Progress Software in a report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Finally, Guggenheim reissued a “buy” rating and set a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.14.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was 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 directly owns 37,542 shares in the company, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was 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 directly owns 37,542 shares in the company, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Krall sold 20,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,263 shares of company stock worth $3,031,896. Company insiders own 3.30% of the company’s stock.

Progress Software Price Performance

Shares of PRGS stock traded down $0.57 during trading hours on Tuesday, reaching $53.79. The company had a trading volume of 217,026 shares, compared to its average volume of 523,302. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The stock has a fifty day moving average of $51.03 and a 200-day moving average of $52.96. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 32.80, a PEG ratio of 7.08 and a beta of 0.93. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $62.34.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.30%. Progress Software’s payout ratio is 42.68%.

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.