Bryce Point Capital LLC Buys 4,504 Shares of Progress Software Corporation (NASDAQ:PRGS)

Bryce Point Capital LLC grew its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 53.8% during the first quarter, HoldingsChannel reports. The firm owned 12,868 shares of the software maker’s stock after purchasing an additional 4,504 shares during the quarter. Bryce Point Capital LLC’s holdings in Progress Software were worth $718,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Bessemer Group Inc. boosted 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 valued at $33,000 after purchasing an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new stake in Progress Software during the fourth quarter worth about $33,000. Nisa Investment Advisors LLC boosted its stake in Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock worth $84,000 after acquiring an additional 326 shares in the last quarter. LPL Financial LLC bought a new stake in Progress Software during the fourth quarter worth about $248,000. Finally, GeoWealth Management LLC boosted its stake in Progress Software by 637.6% during the fourth quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker’s stock worth $253,000 after acquiring an additional 3,354 shares in the last quarter.

Progress Software Trading Up 1.7%

Shares of NASDAQ PRGS opened at $50.81 on Monday. The firm’s 50 day moving average price is $58.22 and its 200-day moving average price is $57.74. The company has a market cap of $2.19 billion, a PE ratio of 38.79, a P/E/G ratio of 2.40 and a beta of 0.68. Progress Software Corporation has a 52-week low of $47.42 and a 52-week high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business’s revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, equities research analysts expect that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, the chief financial officer directly owned 43,559 shares of the company’s stock, valued at $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Krall acquired 5,125 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average cost of $48.90 per share, with a total value of $250,612.50. Following the completion of the acquisition, the director directly owned 100,090 shares of the company’s stock, valued at $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research reports. Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Wedbush reissued an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. DA Davidson boosted their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, July 1st. Finally, Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $73.33.

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.