Bank of Nova Scotia Buys 11,704 Shares of Progress Software Co. (NASDAQ:PRGS)

Bank of Nova Scotia raised its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 139,344 shares of the software maker's stock after purchasing an additional 11,704 shares during the period. Bank of Nova Scotia owned about 0.32% of Progress Software worth $9,078,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PRGS. Smartleaf Asset Management LLC lifted its holdings in Progress Software by 893.5% in the fourth 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 period. GAMMA Investing LLC raised its holdings in 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 in the last quarter. TD Private Client Wealth LLC grew its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. increased its position in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after acquiring an additional 394 shares during the period. Finally, KBC Group NV raised 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 valued at $152,000 after buying an additional 719 shares in the last quarter.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $83,881.20. Following the sale, the insider now owns 7,613 shares of the company's stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,185 shares of company stock worth $1,024,193 in the last three months. Insiders own 3.60% of the company's stock.

Progress Software Trading Down 0.1 %

Shares of NASDAQ:PRGS traded down $0.07 during trading hours on Wednesday, hitting $57.01. 87,811 shares of the company's stock traded hands, compared to its average volume of 553,190. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The firm has a market capitalization of $2.45 billion, a P/E ratio of 36.55, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The business has a fifty day moving average price of $55.89 and a 200-day moving average price of $61.80. 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 (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. Equities analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PRGS shares. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Jefferies Financial Group lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. 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. Finally, Citigroup upped their price target 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. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and a consensus target price of $74.33.

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.