Natixis Raises Position in Progress Software Co. (NASDAQ:PRGS)

Natixis increased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 287.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 518,700 shares of the software maker’s stock after purchasing an additional 384,700 shares during the period. Natixis’ holdings in Progress Software were worth $33,793,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its stake in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC raised its position in Progress Software by 55.4% in 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. Blue Trust Inc. lifted its holdings in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after acquiring an additional 394 shares during the period. Finally, KBC Group NV boosted its position in shares of Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares in the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. Jefferies Financial Group boosted their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Guggenheim reiterated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $74.33.

Insider Activity at Progress Software

In other news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was 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. The trade was a 16.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,185 shares of company stock worth $1,024,193. 3.60% of the stock is currently owned by insiders.

Progress Software Stock Down 0.1 %

Shares of NASDAQ:PRGS opened at $56.00 on Friday. The company has a market capitalization of $2.41 billion, a P/E ratio of 35.90, a P/E/G ratio of 2.82 and a beta of 0.85. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock’s fifty day simple moving average is $55.80 and its 200-day simple moving average is $61.61. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56.

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

Progress Software 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.