Progress Software Co. (NASDAQ:PRGS) Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP raised its holdings in Progress Software Co. (NASDAQ:PRGS) by 62.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,109 shares of the software maker’s stock after acquiring an additional 11,607 shares during the quarter. Quantbot Technologies LP owned 0.07% of Progress Software worth $2,028,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software during the 2nd quarter worth approximately $27,000. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the last quarter. Blue Trust Inc. boosted its position in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Progress Software in the second quarter valued at $160,000. Finally, Prudent Man Advisors LLC purchased a new position in shares of Progress Software in the third quarter valued at $201,000.

Progress Software Trading Down 3.0 %

NASDAQ:PRGS opened at $67.56 on Friday. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 8.82 and a beta of 0.92. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. 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 simple moving average is $65.59 and its 200 day simple moving average is $58.26.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating 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 company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period in the prior year, the business posted $0.90 EPS. The business’s revenue was up 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents 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.

Wall Street Analyst Weigh In

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

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.