Edgestream Partners L.P. Acquires 9,281 Shares of Progress Software Co. (NASDAQ:PRGS)

Edgestream Partners L.P. raised its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 36.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,601 shares of the software maker’s stock after purchasing an additional 9,281 shares during the period. Edgestream Partners L.P.’s holdings in Progress Software were worth $2,331,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PRGS. Boston Trust Walden Corp raised its holdings in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after purchasing an additional 34,318 shares during the period. Principal Financial Group Inc. raised 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 purchasing an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the period. Finally, Seizert Capital Partners LLC boosted its stake in shares of Progress Software by 3.3% during the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares in the last quarter.

Progress Software Stock Performance

PRGS opened at $68.31 on Tuesday. The company has a 50 day simple moving average of $66.01 and a two-hundred day simple moving average of $58.55. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market cap of $2.93 billion, a P/E ratio of 36.53, a PEG ratio of 8.63 and a beta of 0.92. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter last year, the company earned $0.90 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on PRGS. Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Finally, DA Davidson boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $67.67.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

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.