Van Hulzen Asset Management LLC Has $2.62 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Van Hulzen Asset Management LLC increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 146.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,204 shares of the software maker’s stock after acquiring an additional 28,640 shares during the period. Van Hulzen Asset Management LLC’s holdings in Progress Software were worth $2,616,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Principal Securities Inc. bought a new position in Progress Software during the 4th quarter worth about $68,000. Blue Trust Inc. grew its holdings in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. EntryPoint Capital LLC raised its position in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC lifted its stake 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 valued at $122,000 after acquiring an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software during the 2nd quarter worth approximately $160,000.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $56.22 on Tuesday. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 34.28, a PEG ratio of 7.38 and a beta of 0.91. Progress Software Co. has a one year low of $48.00 and a one year high of $60.33. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $56.51 and a 200 day simple moving average of $53.25.

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

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be paid a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.25%. Progress Software’s dividend payout ratio is presently 42.68%.

Insider Activity at Progress Software

In related news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of research reports. Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. 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 set a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Guggenheim reissued a “buy” rating and set a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th. Finally, Wedbush upped their price objective on Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

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.