Freestone Grove Partners LP Invests $1.26 Million in Progress Software Co. (NASDAQ:PRGS)

Freestone Grove Partners LP acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,307 shares of the software maker's stock, valued at approximately $1,258,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings in Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after buying an additional 296 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC increased its holdings in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock valued at $113,000 after purchasing an additional 619 shares during the last quarter. Blue Trust Inc. grew its position in shares of Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after buying an additional 394 shares during the period. Finally, KBC Group NV raised its position in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares during the period.

Insider Transactions at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ian Pitt sold 703 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares in the company, valued at $468,163.93. This trade represents a 7.79 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PRGS shares. StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. DA Davidson lowered their price objective on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Wedbush reiterated an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Progress Software Stock Performance

Shares of Progress Software stock traded up $0.29 on Wednesday, reaching $61.02. 268,230 shares of the company traded hands, compared to its average volume of 558,873. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a 50 day moving average of $56.43 and a 200 day moving average of $61.01. The firm has a market capitalization of $2.63 billion, a PE ratio of 39.12, a PEG ratio of 2.82 and a beta of 0.67. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. During the same period in the prior year, the business posted $1.25 EPS. Progress Software's quarterly revenue was up 28.9% compared to the same quarter last year. Equities analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

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.