Intech Investment Management LLC Takes $932,000 Position in Progress Software Co. (NASDAQ:PRGS)

Intech Investment Management LLC acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 13,837 shares of the software maker’s stock, valued at approximately $932,000.

Several other large investors have also recently bought and sold shares of the business. Segall Bryant & Hamill LLC grew its stake in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the period. Prudent Man Advisors LLC purchased a new stake in Progress Software during the third quarter worth about $201,000. Seizert Capital Partners LLC grew its position in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after buying an additional 20,355 shares during the period. Victory Capital Management Inc. increased its holdings in Progress Software by 62.1% in the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock valued at $7,521,000 after buying an additional 42,773 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Progress Software during the 3rd quarter valued at approximately $225,000.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction on 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 owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRGS. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. DA Davidson raised their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. 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 note on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $67.67.

Progress Software Stock Performance

Progress Software stock opened at $67.56 on Friday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a fifty day moving average of $65.59 and a two-hundred day moving average of $58.26. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 8.82 and a beta of 0.92. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 earnings per share. On average, analysts anticipate that Progress Software Co. will post 3.96 EPS for the current fiscal 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.