Federated Hermes Inc. Buys 6,977 Shares of Progress Software Co. (NASDAQ:PRGS)

Federated Hermes Inc. boosted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 1,160.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,578 shares of the software maker’s stock after acquiring an additional 6,977 shares during the period. Federated Hermes Inc.’s holdings in Progress Software were worth $411,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. EntryPoint Capital LLC lifted its position in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares during the period. TFO Wealth Partners LLC boosted its stake in Progress Software by 225,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after buying an additional 2,251 shares in the last quarter. Quest Partners LLC bought a new stake in Progress Software in the 2nd quarter valued at $160,000. Finally, Assetmark Inc. raised its stake in shares of Progress Software by 19.5% in the 4th quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock valued at $179,000 after buying an additional 539 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PRGS shares. Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Jefferies Financial Group decreased their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Guggenheim reissued a “buy” rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $65.00 target price on shares of Progress Software in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.50.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kathryn Kulikoski sold 2,918 shares of the firm’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 transaction, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock valued at $765,004 over the last three months. 3.40% of the stock is owned by insiders.

Progress Software Price Performance

Shares of PRGS stock opened at $56.88 on Tuesday. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $60.33. The stock has a market capitalization of $2.43 billion, a PE ratio of 34.68, 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 stock’s fifty day moving average is $57.12 and its 200-day moving average is $53.53.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $175.08 million during the quarter, compared to analysts’ expectations of $168.60 million. Equities research analysts expect that Progress Software Co. will post 3.91 EPS for the current fiscal year.

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.