Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. boosted its holdings in Progress Software Co. (NASDAQ:PRGS) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,855,525 shares of the software maker’s stock after purchasing an additional 45,246 shares during the quarter. Vanguard Group Inc. owned approximately 13.50% of Progress Software worth $381,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after buying an additional 1,140,626 shares during the period. Principal Financial Group Inc. grew its holdings in Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Systematic Financial Management LP increased its position in Progress Software by 10.5% during the third quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock worth $36,677,000 after purchasing an additional 51,568 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Progress Software by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker’s stock worth $32,041,000 after purchasing an additional 12,855 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Progress Software in the 4th quarter valued at $15,432,000.

Progress Software Stock Up 2.1 %

NASDAQ PRGS opened at $58.98 on Thursday. The stock has a market cap of $2.54 billion, a PE ratio of 37.81, a P/E/G ratio of 2.82 and a beta of 0.88. The business has a 50 day moving average price of $55.75 and a two-hundred day moving average price of $62.06. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period last year, the business earned $1.25 EPS. The business’s revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts predict that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on PRGS shares. Citigroup increased their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Jefferies Financial Group boosted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.17.

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.