Allspring Global Investments Holdings LLC Buys 125,345 Shares of Progress Software Corporation (NASDAQ:PRGS)

Allspring Global Investments Holdings LLC boosted its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 15.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 963,730 shares of the software maker's stock after buying an additional 125,345 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 2.24% of Progress Software worth $49,642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. increased its position in Progress Software by 2.3% during the 1st quarter. GHP Investment Advisors Inc. now owns 106,989 shares of the software maker's stock valued at $5,511,000 after purchasing an additional 2,417 shares during the period. Mountain Pacific Investment Advisers LLC purchased a new position in Progress Software during the 1st quarter valued at about $7,037,000. QRG Capital Management Inc. increased its position in Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock valued at $546,000 after purchasing an additional 187 shares during the period. Exchange Traded Concepts LLC increased its position in Progress Software by 5.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 32,499 shares of the software maker's stock valued at $1,674,000 after purchasing an additional 1,679 shares during the period. Finally, Harbor Capital Advisors Inc. increased its position in Progress Software by 19.7% during the 1st quarter. Harbor Capital Advisors Inc. now owns 10,286 shares of the software maker's stock valued at $530,000 after purchasing an additional 1,692 shares during the period.

Progress Software Stock Up 0.0%

Shares of Progress Software stock opened at $63.76 on Monday. The firm's 50 day moving average price is $61.81 and its 200-day moving average price is $59.77. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.47. Progress Software Corporation has a 52-week low of $50.68 and a 52-week high of $70.56. The company has a market cap of $2.74 billion, a P/E ratio of 49.43, a PEG ratio of 3.05 and a beta of 0.67.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The company 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 7.03% and a return on equity of 42.64%. Progress Software's revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 EPS. On average, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

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 shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred 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 sale, the insider now owns 8,317 shares of the company's stock, 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. 3.60% of the stock is owned by insiders.

Analyst Ratings Changes

PRGS has been the topic of a number of research reports. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research report on Friday. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday. Citigroup reissued a "neutral" rating on shares of Progress Software in a research report on Friday. DA Davidson cut 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 report on Monday, April 14th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.33.

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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