Bosun Asset Management LLC Acquires Shares of 6,813 Progress Software Co. (NASDAQ:PRGS)

Bosun Asset Management LLC 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 firm acquired 6,813 shares of the software maker's stock, valued at approximately $444,000.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Guggenheim reaffirmed a "buy" rating and set a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. StockNews.com cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Finally, DA Davidson decreased their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.33.

Insiders Place Their Bets

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 703 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded down $0.86 during trading on Friday, reaching $60.90. 386,270 shares of the company traded hands, compared to its average volume of 561,715. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The stock has a market capitalization of $2.62 billion, a PE ratio of 39.04, a P/E/G ratio of 2.82 and a beta of 0.67. The firm has a 50 day simple moving average of $56.83 and a 200-day simple moving average of $60.95.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly 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 net margin of 9.08% and a return on equity of 41.56%. The business had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The company's revenue for the quarter was up 28.9% on a year-over-year basis. Equities research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current year.

Progress Software Company 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.