81,486 Shares in Progress Software Corporation $PRGS Purchased by WINTON GROUP Ltd

Key Points

• WINTON GROUP Ltd opened a new position in Progress Software, buying 81,486 shares valued at about $3.5 million in the fourth quarter.
• Progress Software reported better-than-expected quarterly results, with earnings of $1.60 per share versus estimates of $1.57 and revenue of $248.0 million, up 4.1% year over year.
• Analysts have turned more cautious on PRGS, with several price target cuts; the stock currently carries an average Moderate Buy rating and a consensus target of $52.50.

WINTON GROUP Ltd acquired a new position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 81,486 shares of the software maker's stock, valued at approximately $3,501,000. WINTON GROUP Ltd owned 0.19% of Progress Software as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. ProShare Advisors LLC lifted its position in Progress Software by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker's stock worth $358,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System lifted its position in Progress Software by 0.8% during the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker's stock worth $2,531,000 after purchasing an additional 333 shares during the period. Hantz Financial Services Inc. lifted its position in Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock worth $32,000 after purchasing an additional 493 shares during the period. Advisory Research Inc. lifted its position in Progress Software by 3.8% during the third quarter. Advisory Research Inc. now owns 15,209 shares of the software maker's stock worth $668,000 after purchasing an additional 562 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in Progress Software by 1.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker's stock worth $2,055,000 after purchasing an additional 601 shares during the period.

Progress Software Price Performance

Shares of PRGS stock opened at $31.36 on Monday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $65.50. The company has a market cap of $1.32 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.34 and a beta of 0.83. The business has a fifty day simple moving average of $28.93 and a 200 day simple moving average of $36.28.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.03. The business had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.Progress Software's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.31 EPS. On average, sell-side analysts forecast that Progress Software Corporation will post 4.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PRGS shares. Wedbush dropped their price objective on Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Citigroup dropped their price objective on Progress Software from $60.00 to $46.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. Jefferies Financial Group dropped their price objective on Progress Software from $45.00 to $34.00 and set a "hold" rating for the company in a research report on Tuesday, March 31st. Oppenheimer dropped their price objective on Progress Software from $70.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Finally, Weiss Ratings downgraded Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, April 16th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $52.50.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total value of $813,014.10. Following the completion of the transaction, the executive vice president directly owned 15,542 shares in the company, valued at approximately $585,156.30. This trade represents a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.10% of the company's stock.

About Progress Software

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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