Cerity Partners LLC Takes Position in Progress Software Co. (NASDAQ:PRGS)

Cerity Partners LLC purchased a new stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 8,542 shares of the software maker's stock, valued at approximately $575,000.

Other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in Progress Software by 62.1% in the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker's stock valued at $7,521,000 after acquiring an additional 42,773 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Progress Software in the 2nd quarter valued at $1,692,000. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Progress Software during the second quarter worth $494,000. Seizert Capital Partners LLC raised its stake in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker's stock worth $43,463,000 after buying an additional 20,355 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its holdings in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock valued at $39,728,000 after buying an additional 251,125 shares during the period.

Insider Activity

In related news, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares of the company's stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Wedbush reissued an "outperform" rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. Finally, Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Progress Software currently has a consensus rating of "Buy" and a consensus price target of $67.67.

Progress Software Stock Up 0.4 %

Shares of PRGS traded up $0.30 during trading hours on Friday, reaching $68.95. The stock had a trading volume of 490,569 shares, compared to its average volume of 400,699. The firm has a 50-day simple moving average of $66.69 and a 200 day simple moving average of $59.16. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 36.87, a P/E/G ratio of 7.45 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12 month low of $48.00 and a 12 month 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, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the prior year, the company earned $0.90 EPS. The company's revenue was up 1.7% on a year-over-year basis. Equities research analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

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.