Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD boosted its position in Progress Software Co. (NASDAQ:PRGS) by 468.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,297 shares of the software maker’s stock after buying an additional 153,517 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.43% of Progress Software worth $12,139,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Progress Software by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock valued at $290,000 after buying an additional 239 shares during the last quarter. First Trust Advisors LP grew its position in shares of Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock worth $6,248,000 after buying an additional 281 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in Progress Software by 5.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock valued at $405,000 after acquiring an additional 317 shares in the last quarter.

Insider Activity

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction dated 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 in the company, 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. Over the last 90 days, insiders have sold 19,613 shares of company stock valued at $1,107,403. Insiders own 3.40% of the company’s stock.

Progress Software Trading Up 1.7 %

NASDAQ:PRGS opened at $61.14 on Friday. The firm has a market capitalization of $2.63 billion, a P/E ratio of 39.19, a P/E/G ratio of 2.82 and a beta of 0.85. The business has a 50 day simple moving average of $56.20 and a 200 day simple moving average of $61.13. 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 announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Equities research analysts predict that Progress Software Co. will post 4.01 EPS for the current year.

Analyst Upgrades and Downgrades

PRGS has been the subject of several recent analyst reports. DA Davidson decreased their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, April 14th. Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup lifted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.33.

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.