Arrowstreet Capital Limited Partnership Has $13.58 Million Position in Progress Software Co. (NASDAQ:PRGS)

Arrowstreet Capital Limited Partnership grew its position in Progress Software Co. (NASDAQ:PRGS) by 228.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 208,450 shares of the software maker’s stock after purchasing an additional 144,892 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.48% of Progress Software worth $13,581,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PRGS. Vanguard Group Inc. grew its stake in Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after buying an additional 45,246 shares during the last quarter. Pacer Advisors Inc. grew its position in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Progress Software by 4.4% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in Progress Software by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker’s stock valued at $32,041,000 after purchasing an additional 12,855 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Progress Software in the fourth quarter worth $15,432,000.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PRGS shares. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Tuesday. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, Jefferies Financial Group increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $75.17.

Progress Software Price Performance

Shares of PRGS stock opened at $56.17 on Friday. The firm’s 50 day moving average price is $55.89 and its two-hundred day moving average price is $62.02. The stock has a market cap of $2.42 billion, a PE ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

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

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 in the last ninety days. Company insiders own 3.40% of the company’s stock.

Progress Software Company 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.