Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 228.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 208,450 shares of the software maker's stock after buying an additional 144,892 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.48% of Progress Software worth $13,581,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. grew its stake in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after buying an additional 1,140,626 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Progress Software during the fourth quarter valued at approximately $15,432,000. Norges Bank purchased a new position in shares of Progress Software in the fourth quarter valued at $9,699,000. KLP Kapitalforvaltning AS acquired a new stake in Progress Software during the 4th quarter valued at $6,235,000. Finally, Edgestream Partners L.P. grew its holdings in Progress Software by 208.7% during the 4th quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker's stock valued at $6,959,000 after purchasing an additional 72,218 shares in the last quarter.

Insider Buying and Selling

In other news, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction dated 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the 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 completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,185 shares of company stock valued at $1,024,193. Insiders own 3.40% of the company's stock.

Progress Software Stock Performance

Shares of PRGS stock traded up $2.70 on Wednesday, hitting $57.38. 1,165,444 shares of the stock traded hands, compared to its average volume of 554,579. The company has a market capitalization of $2.47 billion, a PE ratio of 36.78, a PEG ratio of 2.82 and a beta of 0.85. The company's fifty day moving average is $55.88 and its 200 day moving average is $61.97. 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 1-year low of $48.00 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million for 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% on a year-over-year basis. During the same period last year, the firm posted $1.25 EPS. On average, equities research analysts predict that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PRGS has been the topic of a number of recent analyst reports. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Finally, DA Davidson reaffirmed a "buy" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $75.17.

About Progress Software

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.