Raymond James Financial Inc. Purchases New Position in Progress Software Co. (NASDAQ:PRGS)

Raymond James Financial Inc. purchased a new position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 236,877 shares of the software maker's stock, valued at approximately $15,432,000. Raymond James Financial Inc. owned about 0.55% of Progress Software as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Assetmark Inc. raised its holdings in Progress Software by 6.6% during the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after acquiring an additional 204 shares during the period. Avantax Advisory Services Inc. boosted its stake in shares of Progress Software by 5.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker's stock valued at $405,000 after purchasing an additional 317 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after buying an additional 394 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker's stock worth $560,000 after buying an additional 523 shares during the period. Finally, Hudson Edge Investment Partners Inc. lifted its stake in shares of Progress Software by 4.8% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker's stock valued at $851,000 after acquiring an additional 600 shares during the last quarter.

Analysts Set New Price Targets

Several research firms recently issued reports on PRGS. StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Citigroup lifted their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Wedbush reissued an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Finally, Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $74.33.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. This trade represents a 7.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,185 shares of company stock valued at $1,024,193 in the last three months. 3.40% of the stock is currently owned by company insiders.

Progress Software Trading Up 3.0 %

NASDAQ PRGS traded up $1.72 during trading on Wednesday, hitting $58.36. The company had a trading volume of 1,251,831 shares, compared to its average volume of 556,050. The company's fifty day moving average is $55.75 and its 200-day moving average is $61.43. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 37.41, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85.

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, topping 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 company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same period in the prior year, the firm earned $1.25 earnings per share. Progress Software's revenue was up 28.9% on a year-over-year basis. On average, sell-side analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

Progress Software Company 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.