Integrated Quantitative Investments LLC Takes Position in Progress Software Co. (NASDAQ:PRGS)

Integrated Quantitative Investments LLC purchased a new stake in Progress Software Co. (NASDAQ:PRGS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 15,000 shares of the software maker's stock, valued at approximately $977,000.

Other hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after acquiring an additional 688 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after buying an additional 619 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Progress Software by 19.3% in the 3rd 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 last quarter. Blue Trust Inc. increased its stake 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 last quarter. Finally, KBC Group NV lifted 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 purchasing an additional 719 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PRGS shares. Citigroup increased their price target on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. DA Davidson reiterated a "buy" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Finally, Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $75.17.

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Progress Software Stock Up 0.2 %

PRGS stock traded up $0.13 during trading on Wednesday, hitting $54.81. 250,941 shares of the company's stock traded hands, compared to its average volume of 552,056. The firm has a market capitalization of $2.36 billion, a P/E ratio of 35.14, a PEG ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The business has a fifty day simple moving average of $55.88 and a two-hundred day simple moving average of $61.99.

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

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of Progress Software 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 completion of the sale, the chief accounting officer now owns 4,303 shares of the company's stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction 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 trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,185 shares of company stock worth $1,024,193. Company insiders own 3.40% of the company's stock.

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.