Principal Financial Group Inc. Progress software reduces position in the company. (NASDAQ: PRGS)

Principal Financial Group Inc. cut shares of Progress Software Company (NASDAQ: PRGS – GATE Ratings) 7.0% in the second quarter, HoldingsChannel.com reports. The firm held 308,638 shares of the software maker’s stock after selling 23,184 shares during the quarter. Principal Financial Group Inc.’s holding in Progress Software was $13,981,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company in the recent past. DA Davidson & Company raised its stake in Progress Software shares by 0.7% during the first quarter. D.A. Davidson & Co. now owns 33,996 shares of the software maker’s stock worth $1,601,000 after buying an additional 231 shares during the period. Yousif Capital Management LLC boosted its position in Progress Software to 0.6% in the first quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock, valued at $1,895,000, after buying an additional 250 shares during the period. Prudent Man Advisors LLC boosted its position in Progress Software to 5.5% in the first quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock worth $226,000 after buying an additional 252 shares during the period. Brinker Capital Investments LLC boosted its position in Progress Software to 4.8% in the first quarter. Brinker Capital Investments LLC now owns 7,062 shares of the software maker’s stock valued at $333,000 after buying an additional 325 shares during the period. Finally, Texas Permanent School Fund boosted its position in Progress Software by 1.1% in the second quarter. Texas Permanent School Fund now owns 31,682 shares of the software maker’s stock valued at $1,435,000 after buying an additional 360 shares during the period. 98.90% of the stock is owned by hedge funds and other institutional investors.

Progress Software Business up 0.6%

NASDAQ: PRGS opened Friday at $52.85. Progress Software Company’s one year low is $40.33 and one year high is $53.14. The company’s debt-to-equity ratio is 1.67, quick ratio is 1.30 and current ratio is 1.30. The firm has a market cap of $2.27 billion, a P/E ratio of 27.10, a P/E/G ratio of 7.59, and a beta of 1.05. The firm has a 50-day simple moving average of $47.49 and a 200-day simple moving average of $47.35.

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Progress Software (NASDAQ: PRGS – Receive Rating) last posted its quarterly earnings data on Tuesday, September 27. The software maker reported EPS of $1.00 for the quarter, topping the consensus estimate of $0.97 to $0.03. The firm’s revenue during the quarter was $153.06 million, compared to analyst estimates of $148.10 million. Pragati Software had a net margin of 14.75% and a return on equity of 39.31%. Progress Software’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted EPS of $1.06. Equity analysts expect Progress Software Company to post 3.46 EPS for the current financial year.

Pragati Software Dividend Declaration

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record will be paid a dividend of $0.175 per share on Thursday, December 1. The ex-dividend date is Wednesday, November 30. This represents a $0.70 annual dividend and a dividend yield of 1.32%. Pragati Software’s Dividend Payout Ratio (DPR) currently stands at 35.90%.

insider buying and selling

In related news, EVP Jeremy Segal sold 1,258 shares of the business’s stock in a transaction that occurred on Monday, October 3. The shares were sold at an average price of $43.82, for a total transaction of $55,125.56. Following the completion of the transaction, the executive vice president now holds 636 shares in the company, valued at approximately $27,869.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progress Software news, EVP Jeremy Segal sold 1,258 shares of the company’s stock in transactions that occurred on Monday, October 3. The shares were sold at an average price of $43.82, for a total transaction of $55,125.56. Following the transaction, the executive vice president now holds 636 shares in the company, valued at approximately $27,869.52. The sale was disclosed in a document filed with the Securities and Exchange Commission, which is available on the SEC website. Apart from this, CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction that took place on Wednesday, September 21. The shares were sold at an average price of $43.87, for a total transaction of 219,350.00. Following the transaction, the CEO now owns 65,000 shares in the company, valued at approximately $2,851,550. Disclosure of this sale can be found here. Insiders sold a total of 23,806 shares of company stock valued at $1,139,740 over the past 90 days. 3.20% of the stock is owned by corporate insiders.

Wall Street analysts weigh in

Several research firms have issued reports on PRGS. Jefferies Financial Group initiated coverage on shares of Progress Software in a research report on Friday, September 9. He issued a “Hold” rating and $52.00 price objective for the company. Citigroup cut its price objective on shares of Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29. Guggenheim initiated coverage on shares of Progress Software in a research report on Friday, August 12. He issued a “Buy” rating and $60.00 price objective for the company. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3. Two analysts have hold rating on the company’s stock, three have buy rating and one has strong buy rating on the company’s stock. The company currently has an average rating of “medium buy” and a consensus target price of $52.75, according to Marketbeat data.

About Pragati Software

(get rating)

Progress Software Corporation develops, deploys and manages business applications. The company offers OpenEdge, a development software that builds multi-language applications for secure deployment across a variety of platforms and devices, as well as in the cloud; developer tools that include user interface development for web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rule management system that provides decision automation and change process, and applications with decision-related insight capabilities.

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

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