Intech Investment Management LLC Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

Intech Investment Management LLC bought a new position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 13,837 shares of the software maker's stock, valued at approximately $932,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the 2nd quarter valued at $27,000. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after acquiring an additional 485 shares during the period. Blue Trust Inc. lifted its position in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after acquiring an additional 371 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Progress Software in the second quarter valued at about $160,000. Finally, Prudent Man Advisors LLC purchased a new stake in shares of Progress Software during the third quarter worth about $201,000.

Progress Software Trading Up 1.3 %

PRGS traded up $0.85 during trading hours on Friday, reaching $68.41. 331,247 shares of the company's stock traded hands, compared to its average volume of 495,814. The firm has a 50-day moving average price of $65.79 and a 200 day moving average price of $58.32. The firm has a market capitalization of $2.94 billion, a PE ratio of 36.58, a PEG ratio of 8.52 and a beta of 0.92. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. 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 released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business's revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. As a group, sell-side analysts predict that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on PRGS shares. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Wedbush restated an "outperform" rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Finally, Oppenheimer lifted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $67.67.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

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.