Virtu Financial LLC Takes $1.63 Million Position in Progress Software Co. (NASDAQ:PRGS)

Virtu Financial LLC purchased a new position in Progress Software Co. (NASDAQ:PRGS - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,142 shares of the software maker's stock, valued at approximately $1,626,000. Virtu Financial LLC owned approximately 0.06% of Progress Software as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Assetmark Inc. grew its stake in shares of Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock valued at $209,000 after purchasing an additional 286 shares during the period. TD Private Client Wealth LLC grew its position in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after acquiring an additional 301 shares during the period. Blue Trust Inc. grew its position in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after acquiring an additional 371 shares during the period. GAMMA Investing LLC raised its stake in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after acquiring an additional 485 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the second quarter valued at $27,000.

Progress Software Trading Down 1.0 %

PRGS stock traded down $0.73 during trading on Friday, hitting $68.90. The company had a trading volume of 160,470 shares, compared to its average volume of 492,788. The firm has a 50-day moving average price of $67.00 and a 200-day moving average price of $59.68. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 36.84, a PEG ratio of 7.39 and a beta of 0.92.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm's quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.90 earnings per share. As a group, analysts predict that Progress Software Co. will post 3.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRGS. Wedbush reiterated an "outperform" rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Oppenheimer raised their price target on 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 upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $67.67.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction 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 dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company's stock, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.