GHP Investment Advisors Inc. Acquires 11,138 Shares of Progress Software Co. (NASDAQ:PRGS)

GHP Investment Advisors Inc. grew its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,380 shares of the software maker's stock after acquiring an additional 11,138 shares during the period. GHP Investment Advisors Inc. owned 0.23% of Progress Software worth $6,763,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the second quarter worth approximately $27,000. GAMMA Investing LLC grew 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 purchasing an additional 485 shares during the period. Blue Trust Inc. grew its holdings in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after purchasing an additional 371 shares during the period. EntryPoint Capital LLC grew its holdings in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker's stock valued at $116,000 after purchasing an additional 1,977 shares during the period. Finally, Quest Partners LLC acquired a new position in Progress Software during the second quarter valued at approximately $160,000.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRGS. Wedbush restated an "outperform" rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Tuesday. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Finally, Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $67.67.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Anthony Folger sold 7,797 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,844 shares of company stock worth $656,550 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Progress Software Stock Down 0.3 %

Shares of PRGS stock traded down $0.22 during trading on Friday, reaching $64.90. The company's stock had a trading volume of 416,427 shares, compared to its average volume of 505,984. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 34.71, a price-to-earnings-growth ratio of 8.28 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 one year low of $48.00 and a one year high of $67.89. The business has a fifty day moving average price of $61.34 and a 200-day moving average price of $55.67.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.12. The firm had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business's revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. Analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current year.

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.