Victory Capital Management Inc. Purchases 42,773 Shares of Progress Software Co. (NASDAQ:PRGS)

Victory Capital Management Inc. increased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 62.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,640 shares of the software maker’s stock after acquiring an additional 42,773 shares during the period. Victory Capital Management Inc. owned about 0.26% of Progress Software worth $7,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in shares of Progress Software in the 2nd quarter valued at $27,000. GAMMA Investing LLC boosted its stake in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC grew its holdings in shares of Progress Software by 993.5% during the 1st 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 acquired a new position in Progress Software during the 2nd quarter worth approximately $160,000.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This 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 currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRGS shares. Oppenheimer upped their price target 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. Wedbush reissued an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Guggenheim increased their price objective on Progress Software from $64.00 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $67.67.

Progress Software Trading Up 2.5 %

NASDAQ PRGS opened at $68.81 on Friday. The stock has a market capitalization of $2.95 billion, a P/E ratio of 36.79, a P/E/G ratio of 8.30 and a beta of 0.92. Progress Software Co. has a one year low of $48.00 and a one year high of $69.62. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The business has a 50 day simple moving average of $64.70 and a 200 day simple moving average of $57.71.

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, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Research analysts expect that Progress Software Co. will post 3.96 earnings per share for the current 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.