Rice Hall James & Associates LLC Grows Stock Position in Progress Software Co. (NASDAQ:PRGS)

Rice Hall James & Associates LLC boosted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 9.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 138,091 shares of the software maker’s stock after buying an additional 12,261 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Progress Software were worth $9,303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Leuthold Group LLC raised its holdings in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after purchasing an additional 371,026 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after purchasing an additional 312,537 shares in the last quarter. Swedbank AB increased its stake in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after purchasing an additional 280,195 shares in the last quarter. Marshall Wace LLP raised its position in shares of Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after purchasing an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp lifted its stake in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 shares in the last quarter.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Anthony Folger sold 7,797 shares of the business’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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % 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.

Progress Software Stock Performance

Shares of Progress Software stock opened at $64.09 on Friday. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $67.89. The company has a market capitalization of $2.75 billion, a PE ratio of 34.27, a price-to-earnings-growth ratio of 8.18 and a beta of 0.92. The stock’s fifty day moving average is $61.81 and its two-hundred day moving average is $55.96. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, analysts expect that Progress Software Co. will post 3.95 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRGS shares. DA Davidson raised their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One research 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’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $67.67.

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.