QRG Capital Management Inc. Increases Stake in Progress Software Co. (NASDAQ:PRGS)

QRG Capital Management Inc. boosted its stake in Progress Software Co. (NASDAQ:PRGS) by 22.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,797 shares of the software maker’s stock after purchasing an additional 1,996 shares during the period. QRG Capital Management Inc.’s holdings in Progress Software were worth $727,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Blue Trust Inc. increased its stake in Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the period. GAMMA Investing LLC increased its stake in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software during the second quarter valued at approximately $27,000. Exchange Traded Concepts LLC increased its stake in shares of Progress Software by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after buying an additional 559 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in shares of Progress Software by 2.8% during the third quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock valued at $1,439,000 after buying an additional 583 shares during the period.

Analyst Ratings Changes

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

Progress Software Trading Up 0.3 %

Progress Software stock opened at $67.59 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The business’s fifty day simple moving average is $62.93 and its two-hundred day simple moving average is $56.69. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $68.30. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 8.55 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. 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 previous year, the company posted $0.90 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal 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 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 of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Anthony Folger sold 7,797 shares of the company’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 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction 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 transaction, the insider now directly 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 disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

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.