Mitsubishi UFJ Trust & Banking Corp Purchases New Holdings in Progress Software Co. (NASDAQ:PRGS)

Mitsubishi UFJ Trust & Banking Corp bought a new position in Progress Software Co. (NASDAQ:PRGS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,273 shares of the software maker's stock, valued at approximately $278,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after acquiring an additional 45,246 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after purchasing an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. grew its position in Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock worth $70,418,000 after purchasing an additional 43,936 shares during the period. Systematic Financial Management LP raised its stake in shares of Progress Software by 10.5% during the 3rd quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker's stock valued at $36,677,000 after buying an additional 51,568 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Progress Software by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker's stock valued at $32,041,000 after buying an additional 12,855 shares during the period.

Insiders Place Their Bets

In other Progress Software 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 value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company's stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock worth $984,621 in the last ninety days. 3.40% of the stock is owned by corporate insiders.

Progress Software Trading Up 0.5 %

Shares of NASDAQ PRGS traded up $0.28 during midday trading on Monday, reaching $56.45. 1,086,083 shares of the stock were exchanged, compared to its average volume of 550,558. The stock has a market capitalization of $2.43 billion, a P/E ratio of 36.19, a PEG ratio of 2.82 and a beta of 0.85. 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 company has a 50 day simple moving average of $55.93 and a 200 day simple moving average of $62.07. Progress Software Co. has a twelve month low of $48.00 and a twelve month 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 (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $235.64 million. During the same period in the previous year, the firm earned $1.25 EPS. The business's revenue was up 28.9% on a year-over-year basis. As a group, equities analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Citigroup lifted their price target on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Jefferies Financial Group upped their target price on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, January 6th. Finally, DA Davidson restated a "buy" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $75.17.

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.