Crossmark Global Holdings Inc. Invests $233,000 in Progress Software Co. (NASDAQ:PRGS)

Crossmark Global Holdings Inc. acquired a new stake in Progress Software Co. (NASDAQ:PRGS) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,467 shares of the software maker’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the second quarter valued at about $27,000. GAMMA Investing LLC grew its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares during the last quarter. Blue Trust Inc. increased its stake in Progress Software by 29.2% in 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 during the period. 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 valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of Progress Software in the second quarter worth approximately $160,000.

Insider Activity

In other 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 completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PRGS shares. Guggenheim increased their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. 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 raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer lifted their price objective 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, DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $67.67.

Progress Software Trading Down 0.5 %

PRGS opened at $66.16 on Tuesday. The stock has a market cap of $2.84 billion, a PE ratio of 35.38, a PEG ratio of 8.39 and a beta of 0.92. The business has a 50 day moving average of $64.11 and a 200-day moving average of $57.46. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $68.95. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last announced its earnings results 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 net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter in the previous year, the business posted $0.90 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Equities research analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

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.