Vanguard Amends Progress Software Stake to 10.4%

TL;DR

**Vanguard tweaked its Progress Software stake to 10.4%, a minor but notable shift.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating a change in its beneficial ownership of Progress Software Corp's common stock as of December 29, 2023. While Vanguard still holds a significant stake, this amendment shows they now possess 4,778,862 shares, representing 10.4% of the company, a slight decrease from their previous filing. This matters to investors because Vanguard is a large institutional holder, and changes in their position can signal shifts in their confidence or investment strategy regarding Progress Software.

Why It Matters

This filing shows a slight adjustment in a major institutional investor's position, which can influence market perception and potentially the stock price of Progress Software Corp.

Risk Assessment

Risk Level: low — This filing indicates a routine adjustment by a large institutional investor and does not suggest any immediate or significant risk to the company or its shareholders.

Analyst Insight

Investors should note that a major institutional holder like Vanguard is adjusting its position, which could be part of routine portfolio rebalancing. While not a strong buy or sell signal, it's worth monitoring future filings for more significant changes in their stake, as large institutional movements can sometimes precede broader market sentiment shifts.

Key Numbers

• 4,778,862 — Shares Beneficially Owned (Represents the total number of Progress Software Corp common stock shares Vanguard holds.)
• 10.4% — Percentage of Class (Indicates Vanguard's significant ownership stake in Progress Software Corp.)
• December 29, 2023 — Event Date (The specific date when the change in ownership occurred that triggered this filing.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Progress Software Corp (company) — issuer of the securities
• 4,778,862 (dollar_amount) — number of shares beneficially owned by Vanguard
• 10.4% (dollar_amount) — percentage of class beneficially owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant, but potentially fluctuating, stake in Progress Software Corp. (The Vanguard Group) — high confidence, target: Next 12 months

FAQ

Filing Documents

• tv01742-progresssoftwarecorp.htm (SC 13G/A) — 11KB
• 0001104659-24-021756.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Progress Software Corp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 15 Wayside Road, Suite 400 Burlington, MA 01803

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 743312100

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR