Envestnet Portfolio Solutions Inc. Purchases New Shares in Progress Software Corporation $PRGS

Key Points

• Envestnet Portfolio Solutions Inc. acquired a stake in Progress Software Corporation, purchasing 6,445 shares valued at approximately $411,000 during the second quarter.
• Progress Software's stock was downgraded by 1.5%, with a current trading price of $45.67 after hitting a 52-week range between $40.29 and $70.56.
• Analysts have recently upgraded Progress Software to a "buy" rating, with a consensus price target of $68.00 from various firms including Citigroup and Guggenheim.

Envestnet Portfolio Solutions Inc. purchased a new stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,445 shares of the software maker's stock, valued at approximately $411,000.

A number of other institutional investors have also recently added to or reduced their stakes in PRGS. Swedbank AB grew its stake in Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker's stock valued at $37,538,000 after acquiring an additional 289,122 shares during the period. Goldman Sachs Group Inc. grew its stake in Progress Software by 75.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock valued at $28,894,000 after acquiring an additional 241,515 shares during the period. Nuveen LLC acquired a new stake in Progress Software in the 1st quarter valued at $9,973,000. The Manufacturers Life Insurance Company lifted its holdings in Progress Software by 29.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker's stock valued at $34,650,000 after purchasing an additional 151,800 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Progress Software by 1,772.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 156,615 shares of the software maker's stock valued at $8,067,000 after purchasing an additional 148,253 shares in the last quarter.

Progress Software Stock Down 1.5%

NASDAQ PRGS opened at $45.67 on Thursday. Progress Software Corporation has a 52 week low of $40.29 and a 52 week high of $70.56. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The business's fifty day simple moving average is $44.49 and its 200-day simple moving average is $52.52. The firm has a market cap of $1.96 billion, a PE ratio of 41.52, a P/E/G ratio of 2.12 and a beta of 0.67.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen upgraded Progress Software from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Citigroup upgraded Progress Software from a "neutral" rating to a "buy" rating and set a $57.00 price objective on the stock in a report on Monday, October 13th. Guggenheim restated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wedbush restated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Progress Software in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Insider Transactions at Progress Software

In other Progress Software news, Director Rainer Gawlick acquired 1,710 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $43.48 per share, with a total value of $74,350.80. Following the transaction, the director owned 55,544 shares of the company's stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 5,474 shares of the firm's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the sale, the chief financial officer directly owned 42,559 shares of the company's stock, valued at $1,977,716.73. The trade was a 11.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,311 shares of company stock worth $339,332 in the last quarter. Company insiders own 3.40% of the company's stock.

Progress Software Company 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.

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