M&T Bank Corp Makes New $3.63 Million Investment in Progress Software Corporation $PRGS

M&T Bank Corp bought a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) during the 4th quarter, Holdings Channel reports. The firm bought 84,412 shares of the software maker’s stock, valued at approximately $3,626,000.

A number of other institutional investors have also recently made changes to their positions in PRGS. Osaic Holdings Inc. raised its holdings in shares of Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares during the last quarter. State of Wyoming purchased a new stake in Progress Software in the second quarter worth approximately $137,000. iSAM Funds UK Ltd bought a new stake in Progress Software in the 3rd quarter worth approximately $102,000. Finally, Aster Capital Management DIFC Ltd grew its position in Progress Software by 140.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 2,799 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,633 shares during the period.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total value of $813,014.10. Following the completion of the sale, the executive vice president owned 15,542 shares in the company, valued at $585,156.30. This represents a 58.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,194 shares of company stock worth $1,114,262 over the last quarter. 4.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wedbush lowered their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. DA Davidson cut their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Oppenheimer reduced their price objective on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Finally, Citigroup dropped their target price on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.50.

Progress Software Price Performance

Shares of PRGS stock opened at $27.23 on Monday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $65.50. The stock has a market cap of $1.15 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.16 and a beta of 0.76. The company has a 50 day simple moving average of $32.78 and a two-hundred day simple moving average of $39.13.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The business had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $246.40 million. During the same quarter last year, the company posted $1.31 EPS. The company’s revenue was up 4.1% compared to the same quarter last year. On average, research analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Progress Software Company Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.