Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC grew its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,013,411 shares of the software maker's stock after purchasing an additional 4,927 shares during the quarter. Geode Capital Management LLC owned approximately 2.34% of Progress Software worth $66,039,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of PRGS. Smartleaf Asset Management LLC lifted its position in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after acquiring an additional 688 shares during the last quarter. GAMMA Investing LLC lifted its stake in Progress Software by 55.4% in 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 holdings in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after acquiring an additional 301 shares during the period. Blue Trust Inc. grew its position in shares of 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 last quarter. Finally, KBC Group NV increased its holdings 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 acquiring an additional 719 shares during the period.

Insider Activity at Progress Software

In related news, 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 transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the 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 owns 4,303 shares in the company, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,185 shares of company stock valued at $1,024,193. 3.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. DA Davidson lowered their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday. Jefferies Financial Group lifted their price objective 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, Wedbush restated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $74.33.

Progress Software Price Performance

PRGS traded down $0.07 on Friday, hitting $56.00. 433,099 shares of the company were exchanged, compared to its average volume of 553,873. 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 debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $2.41 billion, a P/E ratio of 35.90, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The business's fifty day moving average is $55.83 and its 200 day moving average is $61.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same period last year, the business posted $1.25 EPS. Progress Software's quarterly revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Progress Software Co. will post 4.01 EPS for the current year.

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.