Progress Software Co. (NASDAQ:PRGS) Stock Holdings Boosted by Quantbot Technologies LP

Quantbot Technologies LP increased its holdings in Progress Software Co. (NASDAQ:PRGS) by 62.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,109 shares of the software maker’s stock after buying an additional 11,607 shares during the quarter. Quantbot Technologies LP’s holdings in Progress Software were worth $2,028,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the second quarter valued at about $27,000. GAMMA Investing LLC increased 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 buying an additional 485 shares during the period. Blue Trust Inc. raised its position in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Progress Software in the 2nd quarter worth approximately $160,000. Finally, Prudent Man Advisors LLC bought a new position in shares of Progress Software in the third quarter valued at approximately $201,000.

Progress Software Price Performance

PRGS stock opened at $67.56 on Friday. The firm has a 50-day moving average of $65.59 and a two-hundred day moving average of $58.26. The firm has a market capitalization of $2.90 billion, a PE ratio of 36.13, a P/E/G ratio of 8.82 and a beta of 0.92. 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 Co. has a one year low of $48.00 and a one year high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data 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 firm had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same quarter last year, the business posted $0.90 EPS. The company’s revenue was up 1.7% on a year-over-year basis. On average, analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred 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 owns 33,774 shares in the company, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Progress Software 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.