139,915 Shares in Progress Software Corporation $PRGS Purchased by Dana Investment Advisors Inc.

Key Points

• Dana Investment Advisors disclosed a new fourth-quarter stake in Progress Software, buying 139,915 shares valued at about $6.0 million, or roughly 0.33% of the company.
• Progress Software’s recent quarterly results topped expectations, with EPS of $1.60 versus the $1.57 estimate and revenue of $248 million, up 4.1% year over year.
• Analyst sentiment remains mixed but constructive overall: several firms cut price targets, yet the stock still carries a Moderate Buy consensus with an average target of $52.50.

Dana Investment Advisors Inc. purchased a new stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 139,915 shares of the software maker's stock, valued at approximately $6,011,000. Dana Investment Advisors Inc. owned approximately 0.33% of Progress Software as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its stake in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares in the last quarter. Osaic Holdings Inc. grew its stake in Progress Software by 183.0% in the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock valued at $62,000 after purchasing an additional 637 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Progress Software by 43.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,490 shares of the software maker's stock valued at $102,000 after purchasing an additional 756 shares in the last quarter. iSAM Funds UK Ltd bought a new position in Progress Software in the third quarter valued at approximately $102,000. Finally, Aster Capital Management DIFC Ltd grew its stake in Progress Software by 140.1% in the third quarter. Aster Capital Management DIFC Ltd now owns 2,799 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,633 shares in the last quarter.

Analyst Ratings Changes

PRGS has been the subject of a number of analyst reports. Wedbush decreased their price target on Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research note on Tuesday, March 31st. Citigroup decreased their price target on Progress Software from $60.00 to $46.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. Oppenheimer decreased their price target on Progress Software from $70.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday, March 31st. DA Davidson reduced their target price on Progress Software from $70.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Finally, Weiss Ratings downgraded Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, April 16th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $52.50.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $27.81 on Friday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $65.50. The stock has a 50 day moving average of $29.91 and a 200-day moving average of $37.57. The company has a market capitalization of $1.17 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.19 and a beta of 0.78.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, topping the consensus estimate of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. During the same period in the previous year, the company posted $1.31 EPS. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Progress Software Corporation will post 4.68 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 1,600 shares of Progress Software stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the completion of the sale, the executive vice president directly owned 15,542 shares of the company's stock, valued at approximately $594,947.76. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.10% of the company's stock.

Progress Software Company Profile

Progress Software NASDAQ: PRGS is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company's offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress's portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.

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