EAM Global Investors LLC Purchases Shares of 65,095 Progress Software Co. (NASDAQ:PRGS)

EAM Global Investors LLC acquired a new stake in Progress Software Co. (NASDAQ:PRGS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 65,095 shares of the software maker's stock, valued at approximately $4,241,000. EAM Global Investors LLC owned 0.15% of Progress Software as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Vanguard Group Inc. grew its stake in Progress Software by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after buying an additional 45,246 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Sei Investments Co. increased its stake in shares of Progress Software by 22.7% during the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock valued at $4,297,000 after acquiring an additional 12,191 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Progress Software by 55.4% during 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.

Progress Software Price Performance

PRGS traded down $1.21 on Monday, hitting $54.79. 63,711 shares of the company's stock traded hands, compared to its average volume of 552,239. 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 firm has a market cap of $2.36 billion, a price-to-earnings ratio of 35.12, a P/E/G ratio of 2.82 and a beta of 0.85. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company's 50 day simple moving average is $55.80 and its 200-day simple moving average is $61.56.

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

Insider Activity

In related news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company's stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,185 shares of company stock worth $1,024,193 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRGS. 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 target price on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Wedbush reissued an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Finally, Jefferies Financial Group raised their price objective on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $74.33.

Progress Software 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.