Progress Software Co. (NASDAQ:PRGS) Shares Acquired by LSV Asset Management

LSV Asset Management increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 55.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 358,449 shares of the software maker’s stock after acquiring an additional 128,249 shares during the period. LSV Asset Management’s holdings in Progress Software were worth $23,353,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRGS. Pacer Advisors Inc. lifted its position in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares in the last quarter. Vanguard Group Inc. increased its stake in Progress Software by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after buying an additional 45,246 shares during the period. Principal Financial Group Inc. lifted its holdings in Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after buying an additional 43,936 shares in the last quarter. GAMMA Investing LLC boosted its position in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after buying an additional 619 shares during the last quarter. Finally, Sei Investments Co. grew its stake 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 valued at $4,297,000 after acquiring an additional 12,191 shares in the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of recent analyst reports. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Citigroup increased their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Finally, Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $75.17.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,185 shares of company stock valued at $1,024,193. Company insiders own 3.40% of the company’s stock.

Progress Software Price Performance

Shares of PRGS opened at $57.70 on Friday. The stock has a fifty day moving average price of $55.89 and a 200 day moving average price of $61.92. The company has a market cap of $2.48 billion, a P/E ratio of 36.99, a PEG ratio of 2.82 and a beta of 0.85. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period in the prior year, the company posted $1.25 EPS. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, research analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

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.