Intech Investment Management LLC Buys New Holdings in Progress Software Co. (NASDAQ:PRGS)

Intech Investment Management LLC bought a new stake in Progress Software Co. (NASDAQ:PRGS) during the third quarter, Holdings Channel reports. The fund bought 13,837 shares of the software maker’s stock, valued at approximately $932,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRGS. Price T Rowe Associates Inc. MD boosted its holdings in Progress Software by 15.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,564 shares of the software maker’s stock valued at $1,683,000 after acquiring an additional 4,268 shares during the last quarter. Swedbank AB purchased a new position in Progress Software in the first quarter valued at about $10,356,000. DekaBank Deutsche Girozentrale raised its position in Progress Software by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares during the period. Harbor Capital Advisors Inc. raised its position in Progress Software by 53.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,119 shares of the software maker’s stock valued at $441,000 after purchasing an additional 2,829 shares during the period. Finally, SG Americas Securities LLC raised its position in Progress Software by 114.1% in the second quarter. SG Americas Securities LLC now owns 18,115 shares of the software maker’s stock valued at $983,000 after purchasing an additional 9,653 shares during the period.

Progress Software Stock Down 3.0 %

Shares of Progress Software stock opened at $67.56 on Friday. 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 firm has a market cap of $2.90 billion, a P/E ratio of 36.13, a P/E/G ratio of 8.82 and a beta of 0.92. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The business has a 50-day moving average price of $65.59 and a 200 day moving average price of $58.26.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data 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 firm had revenue of $178.69 million during the quarter, compared to analyst estimates 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 in the previous year, the company earned $0.90 earnings per share. On average, sell-side analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $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. 3.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on PRGS. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com raised 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 given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $67.67.

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.