Invesco Ltd. Increases Position in Progress Software Co. (NASDAQ:PRGS)

Invesco Ltd. raised its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 802,523 shares of the software maker's stock after buying an additional 5,474 shares during the quarter. Invesco Ltd. owned about 1.85% of Progress Software worth $52,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Wedbush Securities Inc. boosted its holdings in shares of Progress Software by 39.9% in the 4th quarter. Wedbush Securities Inc. now owns 5,397 shares of the software maker's stock worth $352,000 after purchasing an additional 1,538 shares during the period. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in Progress Software during the 4th quarter valued at $1,105,000. Resona Asset Management Co. Ltd. purchased a new stake in shares of Progress Software in the 4th quarter worth $515,000. Wells Fargo & Company MN grew its position in shares of Progress Software by 1.2% during the 4th quarter. Wells Fargo & Company MN now owns 309,489 shares of the software maker's stock worth $20,163,000 after buying an additional 3,668 shares in the last quarter. Finally, Integrated Quantitative Investments LLC purchased a new position in shares of Progress Software during the fourth quarter valued at $977,000.

Progress Software Stock Performance

Shares of PRGS traded down $1.21 during mid-day trading on Monday, reaching $54.79. The company had a trading volume of 13,704 shares, compared to its average volume of 552,049. The stock has a 50 day moving average of $55.80 and a two-hundred day moving average of $61.56. 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 stock has a market capitalization of $2.36 billion, a P/E ratio of 35.12, a PEG ratio of 2.82 and a beta of 0.85. 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 quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. During the same quarter in the prior year, the firm posted $1.25 EPS. Progress Software's quarterly revenue was up 28.9% compared to the same quarter last year. On average, analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Activity

In other news, insider Ian Pitt sold 703 shares of the stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now owns 8,317 shares of the company's stock, valued at approximately $468,163.93. This represents a 7.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,185 shares of company stock worth $1,024,193 over the last three months. Insiders own 3.60% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRGS. DA Davidson dropped their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup boosted their price target on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Finally, Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.33.

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.