Centiva Capital LP Takes $597,000 Position in Progress Software Co. (NASDAQ:PRGS)

Centiva Capital LP acquired a new stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,863 shares of the software maker's stock, valued at approximately $597,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Edgestream Partners L.P. increased its stake in Progress Software by 36.7% during the 3rd quarter. Edgestream Partners L.P. now owns 34,601 shares of the software maker's stock valued at $2,331,000 after purchasing an additional 9,281 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Progress Software by 60.1% during the third quarter. Captrust Financial Advisors now owns 27,535 shares of the software maker's stock worth $1,855,000 after acquiring an additional 10,336 shares in the last quarter. Walleye Trading LLC raised its holdings in shares of Progress Software by 2,115.4% in the 3rd quarter. Walleye Trading LLC now owns 14,821 shares of the software maker's stock worth $998,000 after acquiring an additional 14,152 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Progress Software by 137.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,685 shares of the software maker's stock valued at $1,596,000 after acquiring an additional 13,697 shares in the last quarter. Finally, Quantbot Technologies LP boosted its stake in Progress Software by 62.7% during the 3rd quarter. Quantbot Technologies LP now owns 30,109 shares of the software maker's stock valued at $2,028,000 after purchasing an additional 11,607 shares during the last quarter.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $0.30 during mid-day trading on Friday, reaching $68.95. 490,569 shares of the company's stock were exchanged, compared to its average volume of 400,699. The firm has a 50-day moving average price of $66.69 and a two-hundred day moving average price of $59.10. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 36.87, a price-to-earnings-growth ratio of 7.45 and a beta of 0.92. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company's revenue for the quarter was up 1.7% on a year-over-year basis. Analysts predict that Progress Software Co. will post 3.96 EPS for the current year.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several analyst reports. DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Wedbush reiterated an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Tuesday, October 22nd. Finally, Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Progress Software has an average rating of "Buy" and a consensus price target of $67.67.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % 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, insider Ian Pitt sold 1,747 shares of the company's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate 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.