Bahl & Gaynor Inc. Has $1.44 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Bahl & Gaynor Inc. lessened its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 11.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 27,005 shares of the software maker’s stock after selling 3,632 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Progress Software were worth $1,440,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Kendall Capital Management boosted its holdings in shares of Progress Software by 1.4% during the fourth quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after acquiring an additional 195 shares during the period. Blue Trust Inc. boosted its holdings in shares of Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after acquiring an additional 239 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Progress Software by 1.2% during the fourth quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after acquiring an additional 302 shares during the period. US Bancorp DE boosted its holdings in shares of Progress Software by 2.2% during the fourth quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after acquiring an additional 404 shares during the period. Finally, GAMMA Investing LLC bought a new stake in shares of Progress Software in the fourth quarter valued at approximately $28,000.

Insider Buying and Selling at Progress Software

In related news, EVP Sundar Subramanian sold 584 shares of Progress Software stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Sundar Subramanian sold 584 shares of Progress Software stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the transaction, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The disclosure for this sale can be found here. Insiders sold a total of 49,224 shares of company stock valued at $2,569,513 in the last three months. Company insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRGS. DA Davidson reiterated a “buy” rating and issued a $65.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. JPMorgan Chase & Co. cut their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. Finally, Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company 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 stock. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and an average target price of $63.29.

Progress Software Stock Performance

Shares of PRGS stock traded up $0.17 during trading hours on Wednesday, hitting $56.17. 49,158 shares of the company were exchanged, compared to its average volume of 507,988. The firm has a fifty day simple moving average of $52.06 and a 200 day simple moving average of $53.06. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $62.34. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 34.20, a P/E/G ratio of 7.20 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The business had revenue of $175.08 million during the quarter, compared to analyst estimates of $168.60 million. Research analysts predict that Progress Software Co. will post 3.89 earnings per share for the current fiscal 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 issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, August 30th. 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.