Segall Bryant & Hamill LLC Acquires 251,125 Shares of Progress Software Co. (NASDAQ:PRGS)

Segall Bryant & Hamill LLC raised its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 74.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 589,698 shares of the software maker's stock after acquiring an additional 251,125 shares during the period. Segall Bryant & Hamill LLC owned approximately 1.37% of Progress Software worth $39,728,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PRGS. Leuthold Group LLC raised its stake in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker's stock worth $27,605,000 after purchasing an additional 371,026 shares in the last quarter. Swedbank AB boosted its stake in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker's stock valued at $25,743,000 after buying an additional 280,195 shares during the period. Marshall Wace LLP grew its position in Progress Software by 530.5% during the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker's stock worth $14,274,000 after buying an additional 221,336 shares in the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock worth $106,713,000 after acquiring an additional 192,899 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Progress Software by 22.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker's stock valued at $46,941,000 after acquiring an additional 156,796 shares in the last quarter.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company'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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company's stock.

Progress Software Trading Up 1.5 %

NASDAQ PRGS traded up $0.96 on Wednesday, hitting $66.75. The company's stock had a trading volume of 148,624 shares, compared to its average volume of 493,796. The company's 50-day moving average is $64.27 and its 200 day moving average is $57.56. The firm has a market cap of $2.86 billion, a PE ratio of 35.18, a PEG ratio of 8.39 and a beta of 0.92. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $68.95. 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 (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, beating 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 during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the business posted $0.90 earnings per share. Progress Software's quarterly revenue was up 1.7% on a year-over-year basis. As a group, analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

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.