Edgestream Partners L.P. Acquires 9,281 Shares of Progress Software Co. (NASDAQ:PRGS)

Edgestream Partners L.P. grew its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 36.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,601 shares of the software maker’s stock after buying an additional 9,281 shares during the quarter. Edgestream Partners L.P. owned approximately 0.08% of Progress Software worth $2,331,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRGS. Victory Capital Management Inc. raised its position in shares of 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. Wedge Capital Management L L P NC acquired a new stake in shares of Progress Software during the 2nd quarter worth $1,692,000. Seizert Capital Partners LLC lifted 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 purchasing an additional 20,355 shares during the period. Lombard Odier Asset Management USA Corp bought a new stake in shares of Progress Software during the 2nd quarter worth approximately $494,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Progress Software by 22.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after acquiring an additional 156,796 shares in the last quarter.

Progress Software Stock Down 0.1 %

Shares of NASDAQ:PRGS opened at $68.31 on Tuesday. The company has a market capitalization of $2.93 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 8.63 and a beta of 0.92. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The business has a fifty day moving average price of $66.01 and a two-hundred day moving average price of $58.55.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million for 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 for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. 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 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 owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

PRGS has been the subject of a number of research reports. DA Davidson increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Buy” and an average 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.