Progress Software Co. (NASDAQ:PRGS) Position Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in Progress Software Co. (NASDAQ:PRGS) by 236.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 68,867 shares of the software maker’s stock after buying an additional 48,375 shares during the quarter. Victory Capital Management Inc. owned approximately 0.16% of Progress Software worth $3,737,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Progress Software by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after buying an additional 95,594 shares during the period. Boston Trust Walden Corp boosted its holdings in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares during the period. Dimensional Fund Advisors LP raised its position in Progress Software by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after acquiring an additional 23,097 shares in the last quarter. Principal Financial Group Inc. raised its position in Progress Software by 0.6% during the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after acquiring an additional 6,166 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Progress Software by 22.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after acquiring an additional 156,796 shares in the last quarter.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of the firm’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 transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction 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 transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,763 shares of company stock worth $765,004. 3.40% of the stock is currently owned by insiders.

Progress Software Stock Performance

NASDAQ:PRGS opened at $58.16 on Tuesday. The stock has a market cap of $2.49 billion, a P/E ratio of 35.46, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock’s 50-day moving average is $56.81 and its 200-day moving average is $53.37. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $60.33.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Equities research analysts anticipate that Progress Software Co. will post 3.91 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on PRGS shares. DA Davidson reiterated a “buy” rating and set a $65.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim reissued a “buy” rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

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.