Systematic Financial Management LP Buys 9,716 Shares of Progress Software Co. (NASDAQ:PRGS)

Systematic Financial Management LP lifted its position in Progress Software Co. (NASDAQ:PRGS) by 1.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 554,133 shares of the software maker’s stock after purchasing an additional 9,716 shares during the period. Systematic Financial Management LP’s holdings in Progress Software were worth $36,102,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. raised its stake in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. Blue Trust Inc. raised its stake 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 purchasing an additional 394 shares in the last quarter. KBC Group NV raised its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares in the last quarter. Finally, Assetmark Inc. grew its position in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after acquiring an additional 204 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 703 shares of the company’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now owns 8,317 shares of the company’s stock, valued at $468,163.93. This represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRGS. Wedbush reiterated an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Citigroup raised their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. DA Davidson cut their target price on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $74.33.

Progress Software Stock Performance

Shares of PRGS stock opened at $63.12 on Friday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company’s fifty day moving average price is $57.47 and its 200-day moving average price is $60.87. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.72 billion, a PE ratio of 40.46, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company 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 firm posted $1.25 EPS. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, equities analysts expect that Progress Software Co. will post 4.01 EPS for the current fiscal year.

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.