DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,626 shares of the software maker's stock, valued at approximately $692,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. raised its stake in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after buying an additional 688 shares in the last quarter. Blue Trust Inc. raised its position in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after buying an additional 394 shares during the last quarter. KBC Group NV lifted its stake in shares of Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after buying an additional 719 shares in the last quarter. Finally, Assetmark Inc. boosted its position in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock worth $215,000 after acquiring an additional 204 shares during the last quarter.

Wall Street Analysts Forecast Growth

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

Progress Software Stock Performance

NASDAQ PRGS opened at $60.90 on Monday. The stock has a fifty day simple moving average of $56.83 and a 200-day simple moving average of $60.90. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.62 billion, a PE ratio of 39.04, a P/E/G ratio of 2.82 and a beta of 0.67. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

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

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares of the company's stock, valued at $468,163.93. The trade was a 7.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.

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