Vanguard Group Inc. Acquires 45,246 Shares of Progress Software Co. (NASDAQ:PRGS)

Vanguard Group Inc. lifted its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,855,525 shares of the software maker's stock after purchasing an additional 45,246 shares during the quarter. Vanguard Group Inc. owned approximately 13.50% of Progress Software worth $381,487,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after acquiring an additional 1,140,626 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Progress Software during the fourth quarter worth $15,432,000. KLP Kapitalforvaltning AS purchased a new position in Progress Software in the 4th quarter valued at $6,235,000. Edgestream Partners L.P. increased its stake in Progress Software by 208.7% in the 4th quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker's stock valued at $6,959,000 after buying an additional 72,218 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new position in Progress Software during the 4th quarter worth $3,932,000.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of recent analyst reports. Jefferies Financial Group raised their target price on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. 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 issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

Progress Software Stock Up 0.5 %

NASDAQ:PRGS traded up $0.28 during mid-day trading on Monday, reaching $56.45. The stock had a trading volume of 1,086,083 shares, compared to its average volume of 550,559. The stock's 50 day simple moving average is $55.93 and its two-hundred day simple moving average is $62.07. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 36.19, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its 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. The company had revenue of $238.02 million for the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm's revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. Equities analysts anticipate that Progress Software Co. will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company's stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at $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 17,482 shares of company stock worth $984,621 in the last 90 days. Corporate 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.