Victory Capital Management Inc. Acquires 42,773 Shares of Progress Software Co. (NASDAQ:PRGS)

Victory Capital Management Inc. grew its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 62.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 111,640 shares of the software maker’s stock after buying an additional 42,773 shares during the period. Victory Capital Management Inc.’s holdings in Progress Software were worth $7,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in PRGS. Russell Investments Group Ltd. boosted its stake in Progress Software by 1.8% in the 1st quarter. Russell Investments Group Ltd. now owns 52,778 shares of the software maker’s stock worth $2,814,000 after purchasing an additional 946 shares during the period. Vanguard Group Inc. grew its stake in Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after acquiring an additional 95,594 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Progress Software by 2.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 60,683 shares of the software maker’s stock worth $3,235,000 after acquiring an additional 1,601 shares during the period. EntryPoint Capital LLC increased its holdings in Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares during the period. Finally, BOKF NA purchased a new stake in Progress Software in the 1st quarter worth approximately $307,000.

Analyst Upgrades and Downgrades

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

Progress Software Price Performance

Shares of Progress Software stock opened at $68.81 on Friday. The business’s 50-day moving average price is $64.70 and its 200-day moving average price is $57.71. The firm has a market capitalization of $2.95 billion, a PE ratio of 36.79, a price-to-earnings-growth ratio of 8.30 and a beta of 0.92. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $69.62. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

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% on a year-over-year basis. During the same period last year, the business earned $0.90 earnings per share. Sell-side analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value 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. The trade was a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the 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 sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.