Seizert Capital Partners LLC Increases Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Seizert Capital Partners LLC increased its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 645,132 shares of the software maker's stock after buying an additional 20,355 shares during the period. Progress Software comprises approximately 2.0% of Seizert Capital Partners LLC's holdings, making the stock its 19th largest holding. Seizert Capital Partners LLC owned about 1.50% of Progress Software worth $43,463,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Progress Software during the first quarter worth $451,000. Russell Investments Group Ltd. grew its stake in Progress Software by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 52,778 shares of the software maker's stock valued at $2,814,000 after purchasing an additional 946 shares during the last quarter. ProShare Advisors LLC raised its holdings in Progress Software by 8.7% in the first quarter. ProShare Advisors LLC now owns 8,888 shares of the software maker's stock worth $474,000 after purchasing an additional 714 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Progress Software by 63.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker's stock valued at $1,960,000 after buying an additional 13,185 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Progress Software by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker's stock valued at $300,127,000 after buying an additional 95,594 shares in the last quarter.

Progress Software Stock Performance

Shares of PRGS stock traded down $0.74 during trading hours on Friday, hitting $66.51. The company's stock had a trading volume of 292,273 shares, compared to its average volume of 378,586. 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 company has a 50 day moving average of $63.91 and a 200 day moving average of $57.30. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $68.95. The stock has a market cap of $2.85 billion, a PE ratio of 35.57, a price-to-earnings-growth ratio of 8.39 and a beta of 0.92.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analysts' expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software's quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the business earned $0.90 earnings per share. On average, sell-side analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PRGS. DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. Wedbush restated an "outperform" rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Finally, Guggenheim upped 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. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $67.67.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the firm's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company's stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.