Hudson Edge Investment Partners Inc. Raises Stock Position in Progress Software Corporation (NASDAQ:PRGS)

Hudson Edge Investment Partners Inc. increased its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 35.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,738 shares of the software maker's stock after acquiring an additional 4,670 shares during the quarter. Hudson Edge Investment Partners Inc.'s holdings in Progress Software were worth $914,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bessemer Group Inc. lifted its position in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. Orion Capital Management LLC bought a new position in Progress Software during the fourth quarter valued at $33,000. Smartleaf Asset Management LLC lifted its position in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after purchasing an additional 688 shares during the last quarter. Assetmark Inc. raised its stake in shares of Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after acquiring an additional 204 shares during the period. Finally, LPL Financial LLC purchased a new stake in shares of Progress Software in the fourth quarter valued at $248,000.

Insider Buying and Selling

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. DA Davidson increased their target price on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Wedbush reissued an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Citigroup reissued a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reissued a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Finally, Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.17.

Progress Software Trading Up 0.4%

PRGS stock traded up $0.24 during trading on Friday, hitting $54.14. The company had a trading volume of 961,746 shares, compared to its average volume of 592,800. The firm has a market capitalization of $2.33 billion, a P/E ratio of 41.33, a PEG ratio of 2.57 and a beta of 0.68. Progress Software Corporation has a 52-week low of $50.68 and a 52-week high of $70.56. The company has a 50 day simple moving average of $61.68 and a 200-day simple moving average of $59.37. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43.

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