By otakuyassine3@gmail.com 
Geode Capital Management LLC boosted its holdings in shares of Progress Software Co. (NASDAQ:PRGS – Free Report) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,013,411 shares of the software maker’s stock after acquiring an additional 4,927 shares during the period. Geode Capital Management LLC owned approximately 2.34% of Progress Software worth $66,039,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRGS. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after purchasing an additional 1,140,626 shares in the last quarter. Vanguard Group Inc. lifted its stake in Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after buying an additional 45,246 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after buying an additional 43,936 shares during the period. GAMMA Investing LLC increased its position in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after acquiring an additional 619 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Progress Software by 22.7% during the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker’s stock worth $4,297,000 after acquiring an additional 12,191 shares during the period.
Progress Software Stock Performance
Shares of NASDAQ PRGS opened at $57.70 on Friday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day moving average price of $55.89 and a 200 day moving average price of $61.92. The stock has a market capitalization of $2.48 billion, a PE ratio of 36.99, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56.
Progress Software (NASDAQ:PRGS – Get Free Report) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the prior year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. Analysts predict that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.
Analysts Set New Price Targets
PRGS has been the subject of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Jefferies Financial Group lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Finally, Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.
Get Our Latest Analysis on Progress Software
Insider Buying and Selling
In related news, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,185 shares of company stock valued at $1,024,193. 3.40% of the stock is owned by insiders.
Progress Software Company 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.
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