Progress Software Co. (NASDAQ:PRGS) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 2,620.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,235 shares of the software maker's stock after buying an additional 45,499 shares during the period. GAMMA Investing LLC owned 0.11% of Progress Software worth $2,433,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PRGS. New York State Teachers Retirement System grew its stake in shares of Progress Software by 5.0% in the 4th quarter. New York State Teachers Retirement System now owns 80,750 shares of the software maker's stock valued at $5,261,000 after buying an additional 3,836 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Progress Software by 28.2% in the 4th quarter. Handelsbanken Fonder AB now owns 11,816 shares of the software maker's stock valued at $770,000 after buying an additional 2,600 shares during the period. Hudson Edge Investment Partners Inc. boosted its position in shares of Progress Software by 4.8% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker's stock worth $851,000 after purchasing an additional 600 shares during the period. Olympiad Research LP purchased a new position in shares of Progress Software during the 4th quarter worth approximately $230,000. Finally, Los Angeles Capital Management LLC boosted its position in shares of Progress Software by 967.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 35,709 shares of the software maker's stock worth $2,326,000 after purchasing an additional 32,364 shares during the period.

Insider Activity

In other news, insider Ian Pitt sold 703 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. This trade represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. Company insiders own 3.40% of the company's stock.

Progress Software Stock Up 1.0%

Progress Software stock traded up $0.61 during mid-day trading on Monday, reaching $63.23. 361,941 shares of the company's stock were exchanged, compared to its average volume of 563,601. The company has a market cap of $2.72 billion, a P/E ratio of 40.53, a P/E/G ratio of 2.82 and a beta of 0.67. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a fifty day moving average of $60.63 and a 200-day moving average of $60.11.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm's quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. Sell-side analysts expect that Progress Software Co. will post 4.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PRGS shares. Wedbush reaffirmed an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Finally, DA Davidson lowered their price objective on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Progress Software 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.