Segall Bryant & Hamill LLC lifted its holdings in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 74.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 589,698 shares of the software maker's stock after acquiring an additional 251,125 shares during the quarter. Segall Bryant & Hamill LLC owned approximately 1.37% of Progress Software worth $39,728,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System raised its holdings in shares of Progress Software by 63.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker's stock valued at $1,960,000 after acquiring an additional 13,185 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Progress Software by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker's stock worth $25,908,000 after purchasing an additional 19,256 shares in the last quarter. Swedbank AB bought a new position in Progress Software in the first quarter worth $10,356,000. Wedge Capital Management L L P NC bought a new position in Progress Software in the second quarter worth $1,692,000. Finally, Lombard Odier Asset Management USA Corp bought a new position in Progress Software in the second quarter worth $494,000.
A number of equities analysts have issued reports on the company. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Guggenheim increased their price objective on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Wedbush restated an "outperform" rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Finally, Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $67.67.
Check Out Our Latest Report on PRGS
Shares of NASDAQ:PRGS opened at $65.79 on Wednesday. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $68.95. 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 $64.27 and a 200-day moving average price of $57.56. The company has a market capitalization of $2.82 billion, a PE ratio of 35.18, a PEG ratio of 8.39 and a beta of 0.92.
Progress Software (NASDAQ:PRGS - Get Free Report) last released 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. 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 for the quarter, compared to analysts' expectations of $176.16 million. During the same period last year, the firm posted $0.90 earnings per share. Progress Software's revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts expect that Progress Software Co. will post 3.96 EPS for the current fiscal year.
In related 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 sale, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.
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.
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