Progress Software Co. (NASDAQ:PRGS) Shares Bought by LSV Asset Management

LSV Asset Management increased its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 55.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 358,449 shares of the software maker's stock after purchasing an additional 128,249 shares during the quarter. LSV Asset Management owned 0.83% of Progress Software worth $23,353,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRGS. Pacer Advisors Inc. raised its stake in shares of 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 valued at $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Progress Software in the fourth quarter valued at approximately $15,432,000. Norges Bank acquired a new stake in shares of Progress Software during the 4th quarter worth approximately $9,699,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Progress Software by 228.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker's stock valued at $13,581,000 after purchasing an additional 144,892 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Progress Software during the fourth quarter worth $6,235,000.

Progress Software Trading Down 0.2 %

Shares of PRGS traded down $0.14 during midday trading on Thursday, reaching $55.93. The company had a trading volume of 87,930 shares, compared to its average volume of 770,847. The firm has a 50 day simple moving average of $55.87 and a 200-day simple moving average of $61.76. 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 cap of $2.41 billion, a PE ratio of 35.85, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software's revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 EPS. Research analysts forecast that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Insider Activity

In related news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares of the company's stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,185 shares of company stock valued at $1,024,193 in the last quarter. Insiders own 3.60% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on PRGS shares. Citigroup boosted their price objective on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Jefferies Financial Group increased 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. Finally, DA Davidson dropped their price target on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Progress Software currently has an average 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.