Fox Run Management L.L.C. Invests $1.47 Million in Progress Software Corporation $PRGS

Key Points

• Fox Run Management L.L.C. opened a new position in Progress Software during the fourth quarter, buying 34,219 shares worth about $1.47 million.
• Several other hedge funds also increased or initiated stakes, including WINTON GROUP, State of Wyoming, Anchor Capital Advisors, and Goldman Sachs, signaling continued institutional interest in the stock.
• Analyst sentiment remains mixed but generally positive: Progress Software has a Moderate Buy consensus with a $52.50 price target, even as some firms cut targets and Weiss Ratings downgraded the stock to Sell.

Fox Run Management L.L.C. bought a new position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 34,219 shares of the software maker's stock, valued at approximately $1,470,000. Fox Run Management L.L.C. owned 0.08% of Progress Software at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. LPL Financial LLC bought a new position in shares of Progress Software during the fourth quarter worth approximately $219,000. WINTON GROUP Ltd bought a new position in shares of Progress Software during the fourth quarter worth approximately $3,501,000. State of Wyoming increased its holdings in shares of Progress Software by 3,205.5% during the fourth quarter. State of Wyoming now owns 9,553 shares of the software maker's stock worth $410,000 after purchasing an additional 9,264 shares during the period. Anchor Capital Advisors LLC increased its holdings in shares of Progress Software by 15.9% during the fourth quarter. Anchor Capital Advisors LLC now owns 60,683 shares of the software maker's stock worth $2,607,000 after purchasing an additional 8,343 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Progress Software by 0.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 432,620 shares of the software maker's stock worth $18,585,000 after purchasing an additional 2,441 shares during the period.

Analysts Set New Price Targets

PRGS has been the topic of several recent research reports. Weiss Ratings cut shares of Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, April 16th. Citigroup decreased their price objective on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group decreased their price objective on shares of Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. DA Davidson decreased their price objective on shares of Progress Software from $70.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Finally, Oppenheimer decreased their price objective on shares of Progress Software from $70.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.50.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 1,600 shares of the business's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total transaction of $61,248.00. Following the sale, the executive vice president owned 15,542 shares of the company's stock, valued at approximately $594,947.76. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.10% of the company's stock.

Progress Software Stock Performance

Shares of NASDAQ:PRGS opened at $31.16 on Tuesday. The company's 50 day simple moving average is $28.97 and its 200 day simple moving average is $36.22. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 1.34 and a beta of 0.83. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. Progress Software Corporation has a 1 year low of $23.82 and a 1 year high of $65.50.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.03. The business had revenue of $248.00 million for the quarter, compared to analysts' expectations of $246.40 million. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The firm's quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $1.31 earnings per share. As a group, research analysts predict that Progress Software Corporation will post 4.68 EPS for the current fiscal year.

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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