Principal Financial Group Inc. Reduces Stake in Progress Software Corp (PRGS)

Principal Financial Group Inc. lessened its holdings in shares of Progress Software Corp (NASDAQ:PRGS) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 391,524 shares of the software maker’s stock after selling 8,719 shares during the period. Principal Financial Group Inc. owned 0.87% of Progress Software worth $13,894,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund bought a new stake in Progress Software during the fourth quarter worth approximately $606,000. Great West Life Assurance Co. Can raised its holdings in Progress Software by 4.7% during the fourth quarter. Great West Life Assurance Co. Can now owns 58,808 shares of the software maker’s stock worth $1,926,000 after purchasing an additional 2,661 shares in the last quarter. Prudential Financial Inc. raised its holdings in Progress Software by 11.3% during the fourth quarter. Prudential Financial Inc. now owns 644,191 shares of the software maker’s stock worth $22,862,000 after purchasing an additional 65,237 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in Progress Software by 4.9% during the third quarter. Panagora Asset Management Inc. now owns 150,689 shares of the software maker’s stock worth $5,318,000 after purchasing an additional 7,085 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Progress Software by 5.9% during the fourth quarter. Arizona State Retirement System now owns 69,150 shares of the software maker’s stock worth $2,454,000 after purchasing an additional 3,850 shares in the last quarter. 96.56% of the stock is currently owned by institutional investors.

In other Progress Software news, Director John R. Egan sold 20,000 shares of Progress Software stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total transaction of $905,000.00. Following the transaction, the director now directly owns 73,206 shares in the company, valued at approximately $3,312,571.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Anthony Murphy sold 932 shares of Progress Software stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $45.99, for a total transaction of $42,862.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,696 shares of company stock worth $3,327,196. 1.70% of the stock is currently owned by company insiders.

Progress Software stock traded up $0.11 during mid-day trading on Friday, hitting $45.46. The company’s stock had a trading volume of 147,254 shares, compared to its average volume of 479,097. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 21.34 and a beta of 0.72. Progress Software Corp has a twelve month low of $30.23 and a twelve month high of $47.60.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.08). The business had revenue of $89.50 million during the quarter, compared to analyst estimates of $87.64 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 EPS. As a group, equities analysts predict that Progress Software Corp will post 2.09 EPS for the current fiscal year.

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 given a $0.155 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.62 annualized dividend and a yield of 1.36%. Progress Software’s dividend payout ratio (DPR) is 29.11%.

Several equities research analysts recently commented on the company. Zacks Investment Research raised Progress Software from a “hold” rating to a “strong-buy” rating and set a $51.00 target price on the stock in a report on Thursday, April 4th. Wedbush boosted their target price on Progress Software from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday, March 29th. Finally, ValuEngine upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Saturday, March 30th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. Progress Software presently has an average rating of “Buy” and a consensus price target of $43.00.

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Progress Software Profile

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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