Grantham Mayo Van Otterloo & Co. LLC Invests $1.11 Million in Progress Software Co. (NASDAQ:PRGS)

Grantham Mayo Van Otterloo & Co. LLC bought a new position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 16,959 shares of the software maker's stock, valued at approximately $1,105,000.

A number of other large investors have also modified their holdings of PRGS. Vanguard Group Inc. increased its stake in shares of Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after acquiring an additional 45,246 shares during the last quarter. Pacer Advisors Inc. increased its position in Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. raised its stake in Progress Software by 4.4% during the third 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 during the period. Geode Capital Management LLC boosted its holdings in Progress Software by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock valued at $66,039,000 after purchasing an additional 4,927 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Progress Software by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker's stock valued at $32,041,000 after buying an additional 12,855 shares during the period.

Progress Software Stock Up 0.5 %

Shares of NASDAQ PRGS traded up $0.29 during midday trading on Monday, hitting $57.99. 50,385 shares of the company's stock were exchanged, compared to its average volume of 553,791. The firm's fifty day simple moving average is $55.89 and its 200-day simple moving average is $61.89. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $2.50 billion, a PE ratio of 37.17, a P/E/G ratio of 2.82 and a beta of 0.85. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its 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. 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 analysts' expectations of $235.64 million. During the same quarter in the prior year, the business posted $1.25 EPS. The company's revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts predict that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on PRGS. StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Wedbush reaffirmed an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Finally, DA Davidson reissued a "buy" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.17.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,185 shares of company stock valued at $1,024,193 in the last three months. 3.40% of the stock is currently owned by company insiders.

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.