Cerity Partners LLC Makes New $575,000 Investment in Progress Software Co. (NASDAQ:PRGS)

Cerity Partners LLC bought a new stake in Progress Software Co. (NASDAQ:PRGS) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,542 shares of the software maker’s stock, valued at approximately $575,000.

A number of other hedge funds have also recently bought and sold shares of the company. Boston Trust Walden Corp boosted its stake in shares of 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 worth $106,713,000 after buying an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after purchasing an additional 34,318 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after purchasing an additional 43,936 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the period. Finally, Seizert Capital Partners LLC lifted its stake in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares during the last quarter.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated 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 owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on 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. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Price Performance

PRGS stock opened at $68.95 on Friday. The firm has a 50 day moving average of $66.69 and a 200-day moving average of $59.10. The firm has a market capitalization of $2.96 billion, a P/E ratio of 36.87, a price-to-earnings-growth ratio of 7.45 and a beta of 0.92. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS 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 the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. As a group, sell-side analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRGS. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company 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 research note on Tuesday, October 22nd. Guggenheim boosted 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. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average 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.