Edgestream Partners L.P. Has $1.37 Million Stake in Progress Software Co. (NASDAQ:PRGS)

Edgestream Partners L.P. trimmed its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 15.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,320 shares of the software maker’s stock after selling 4,464 shares during the period. Edgestream Partners L.P. owned about 0.06% of Progress Software worth $1,374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRGS. Vanguard Group Inc. increased its stake in 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 during the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after buying an additional 34,318 shares during the last quarter. Principal Financial Group Inc. increased its stake in Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after buying an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake 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 buying an additional 156,796 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have issued reports on PRGS. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. Guggenheim reiterated a “buy” rating and issued a $64.00 price target on shares of Progress Software in a research note on Tuesday, June 25th. Jefferies Financial Group decreased their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. 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. Finally, StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.50.

Progress Software Stock Performance

Shares of PRGS stock opened at $57.59 on Friday. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 7.45 and a beta of 0.91. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a 50-day simple moving average of $57.04 and a 200 day simple moving average of $53.46. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $60.33.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. On average, sell-side analysts predict that Progress Software Co. will post 3.91 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. Company insiders own 3.40% of the company’s stock.

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.