Segall Bryant & Hamill LLC Boosts Stock Position in Progress Software Co. (NASDAQ:PRGS)

Segall Bryant & Hamill LLC grew its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 74.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 589,698 shares of the software maker’s stock after buying an additional 251,125 shares during the period. Segall Bryant & Hamill LLC’s holdings in Progress Software were worth $39,728,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new stake in Progress Software during the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC raised its stake in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the period. Blue Trust Inc. raised its stake in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the period. EntryPoint Capital LLC raised its stake in Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the period. Finally, Quest Partners LLC bought a new stake in Progress Software during the 2nd quarter valued at approximately $160,000.

Progress Software Stock Performance

NASDAQ PRGS opened at $65.79 on Wednesday. The company has a market cap of $2.82 billion, a P/E ratio of 35.18, a P/E/G ratio of 8.39 and a beta of 0.92. 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 business’s 50 day moving average price is $64.27 and its 200-day moving average price is $57.56. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $68.95.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter in the previous year, the business earned $0.90 EPS. Progress Software’s revenue was up 1.7% compared to the same quarter last year. Sell-side analysts predict that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the 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 owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were 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 approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on PRGS shares. Oppenheimer lifted 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. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. DA Davidson lifted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. 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. Finally, Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and a consensus target price of $67.67.

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.