Cornercap Investment Counsel Inc. Buys 1,050 Shares of Progress Software Co. (NASDAQ:PRGS)

Cornercap Investment Counsel Inc. raised its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 4.7% in the second quarter, Holdings Channel reports. The fund owned 23,408 shares of the software maker’s stock after acquiring an additional 1,050 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Progress Software were worth $1,270,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Progress Software by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares during the period. Entropy Technologies LP bought a new position in shares of Progress Software in the first quarter valued at about $480,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Progress Software by 63.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after buying an additional 13,185 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Progress Software by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after buying an additional 19,256 shares during the last quarter. Finally, Swedbank AB bought a new position in shares of Progress Software in the first quarter valued at about $10,356,000.

Progress Software Price Performance

Shares of PRGS stock opened at $57.27 on Friday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 7.33 and a beta of 0.91. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $60.33. The stock has a 50-day moving average price of $56.68 and a 200 day moving average price of $53.31. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.13. The company had revenue of $175.08 million during the quarter, compared to analyst estimates of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. Research analysts expect that Progress Software Co. will post 3.91 EPS for the current year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.22%. Progress Software’s payout ratio is currently 42.68%.

Insider Transactions at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,763 shares of company stock worth $765,004. 3.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PRGS has been the subject of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday. DA Davidson reaffirmed a “buy” rating and issued a $65.00 price target on shares of Progress Software in a report on Tuesday. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday, June 26th. Finally, Guggenheim reiterated a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a research report on Tuesday, June 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

About Progress Software

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.