Citigroup Inc. Buys 147,457 Shares of Progress Software Co. (NASDAQ:PRGS)

Citigroup Inc. raised its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 42.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 492,384 shares of the software maker’s stock after acquiring an additional 147,457 shares during the quarter. Citigroup Inc.’s holdings in Progress Software were worth $33,172,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Progress Software by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock worth $32,267,000 after acquiring an additional 17,448 shares in the last quarter. Integrated Investment Consultants LLC acquired a new position in Progress Software in the third quarter worth $474,000. Intech Investment Management LLC bought a new stake in shares of Progress Software during the third quarter worth $932,000. Segall Bryant & Hamill LLC increased its stake in shares of Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after buying an additional 251,125 shares in the last quarter. Finally, Prudent Man Advisors LLC bought a new position in shares of Progress Software in the third quarter valued at about $201,000.

Progress Software Price Performance

PRGS opened at $69.89 on Tuesday. The company has a fifty day moving average price of $65.16 and a two-hundred day moving average price of $58.06. The firm has a market capitalization of $3.00 billion, a PE ratio of 37.37, a P/E/G ratio of 8.73 and a beta of 0.92. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS 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 quarter in the prior year, the company posted $0.90 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. As a group, analysts anticipate that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction on 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 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 this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software 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 in the company, valued at approximately $206,076.69. This represents 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 currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on PRGS. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their price target on shares of 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 issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com upgraded 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 Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $67.67.

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.