DekaBank Deutsche Girozentrale Raises Holdings in Progress Software Corporation (NASDAQ:PRGS)

DekaBank Deutsche Girozentrale raised its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 491,484 shares of the software maker's stock after purchasing an additional 12,614 shares during the quarter. DekaBank Deutsche Girozentrale owned 1.14% of Progress Software worth $25,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PRGS. Vanguard Group Inc. raised its stake in shares of Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after acquiring an additional 45,246 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Progress Software by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock worth $66,039,000 after acquiring an additional 4,927 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Progress Software by 15.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock worth $49,642,000 after acquiring an additional 125,345 shares in the last quarter. Invesco Ltd. increased its stake in shares of Progress Software by 0.7% in the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock worth $52,284,000 after buying an additional 5,474 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Progress Software by 11.6% in the fourth quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock worth $51,410,000 after buying an additional 82,156 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Citigroup reiterated a "neutral" rating on shares of Progress Software in a report on Friday, June 27th. Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. Finally, DA Davidson boosted their target price on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and an average price target of $75.17.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the sale, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. 3.60% of the stock is owned by company insiders.

Progress Software Trading Down 2.0%

NASDAQ:PRGS traded down $1.02 during midday trading on Friday, hitting $49.62. 1,507,008 shares of the company traded hands, compared to its average volume of 623,635. The firm's fifty day moving average is $60.80 and its 200-day moving average is $58.85. Progress Software Corporation has a 12-month low of $49.15 and a 12-month high of $70.56. The firm has a market capitalization of $2.14 billion, a P/E ratio of 37.88, a P/E/G ratio of 2.35 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same quarter last year, the firm posted $1.09 earnings per share. The business's revenue was up 35.6% compared to the same quarter last year. On average, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current year.

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.