Progress Software Co. (NASDAQ:PRGS) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,045,240 shares of the software maker's stock after purchasing an additional 43,936 shares during the quarter. Principal Financial Group Inc. owned about 2.44% of Progress Software worth $70,418,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC increased its stake in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after acquiring an additional 485 shares during the last quarter. Blue Trust Inc. raised its position in 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 purchasing an additional 371 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Progress Software by 993.5% in the 1st 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 last quarter. Finally, Quest Partners LLC purchased a new position in shares of Progress Software during the 2nd quarter worth $160,000.

Insider Activity

In related news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progress Software 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 transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company's stock, valued at $206,076.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company's stock.

Progress Software Stock Up 0.3 %

PRGS traded up $0.18 during trading hours on Friday, hitting $67.59. 335,495 shares of the company's stock were exchanged, compared to its average volume of 432,208. The firm has a market cap of $2.90 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 8.53 and a beta of 0.92. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $68.30. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a 50 day moving average of $62.93 and a 200 day moving average of $56.73.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company's revenue was up 1.7% on a year-over-year basis. Analysts predict that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Progress Software 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.