Resona Asset Management Co. Ltd. Buys Shares of 7,902 Progress Software Co. (NASDAQ:PRGS)

Resona Asset Management Co. Ltd. purchased a new position in Progress Software Co. (NASDAQ:PRGS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,902 shares of the software maker's stock, valued at approximately $515,000.

A number of other hedge funds also recently made changes to their positions in PRGS. Smartleaf Asset Management LLC increased its position in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock valued at $113,000 after buying an additional 619 shares during the last quarter. TD Private Client Wealth LLC boosted its position in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock worth $126,000 after acquiring an additional 301 shares during the period. 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 worth $141,000 after purchasing an additional 394 shares during the period. Finally, KBC Group NV lifted its stake in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after acquiring an additional 719 shares during the period.

Progress Software Trading Up 0.3 %

NASDAQ PRGS traded up $0.18 during trading on Wednesday, reaching $57.26. 69,696 shares of the stock traded hands, compared to its average volume of 553,123. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 36.72, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. 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 50-day moving average price is $55.89 and its 200 day moving average price is $61.80.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same period in the previous year, the company posted $1.25 earnings per share. The company's quarterly revenue was up 28.9% compared to the same quarter last year. Analysts predict that Progress Software Co. will post 4.01 EPS for the current year.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $56,240.00. Following the transaction, the chief accounting officer now directly 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 have sold 18,185 shares of company stock worth $1,024,193 in the last ninety days. Insiders own 3.60% of the company's stock.

Wall Street Analyst Weigh In

PRGS has been the subject of a number of research analyst reports. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson decreased their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Finally, StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Progress Software currently has a consensus rating of "Moderate Buy" and an average target price 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.