Integrated Investment Consultants LLC Purchases New Holdings in Progress Software Co. (NASDAQ:PRGS)

Integrated Investment Consultants LLC acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 7,031 shares of the software maker’s stock, valued at approximately $474,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new position in shares of Progress Software in the third quarter worth $932,000. Segall Bryant & Hamill LLC grew its stake in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after buying an additional 251,125 shares in the last quarter. Prudent Man Advisors LLC bought a new position in Progress Software in the 3rd quarter valued at about $201,000. Seizert Capital Partners LLC raised its position in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after buying an additional 20,355 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after acquiring an additional 42,773 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. DA Davidson lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Guggenheim lifted their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $67.67.

Progress Software Stock Up 2.5 %

Progress Software stock opened at $68.81 on Friday. The firm has a 50 day moving average price of $64.70 and a two-hundred day moving average price of $57.71. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $69.62. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 36.79, a PEG ratio of 8.30 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last issued its quarterly 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. The business had revenue of $178.69 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $0.90 earnings per share. Equities analysts predict that Progress Software Co. will post 3.96 EPS for the current year.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were 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 disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

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.