Creative Planning Purchases 1,300 Shares of Progress Software Co. (NASDAQ:PRGS)

Creative Planning grew its position in Progress Software Co. (NASDAQ:PRGS) by 20.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,774 shares of the software maker’s stock after acquiring an additional 1,300 shares during the period. Creative Planning’s holdings in Progress Software were worth $524,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Entropy Technologies LP bought a new position in shares of Progress Software in the first quarter valued at approximately $480,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Progress Software by 63.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after purchasing an additional 13,185 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of 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 in the last quarter. Swedbank AB acquired a new stake in shares of Progress Software in the first quarter valued at approximately $10,356,000. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Progress Software in the second quarter valued at approximately $1,692,000.

Progress Software Price Performance

Shares of PRGS stock opened at $64.77 on Wednesday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 34.64, a price-to-earnings-growth ratio of 8.14 and a beta of 0.92. 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 fifty day moving average of $62.22 and a 200-day moving average of $56.29.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the business earned $0.90 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Co. will post 3.95 earnings per share for the current year.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PRGS shares. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim lifted their target price 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. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, DA Davidson lifted their target price 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. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $67.67.

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.