Hudson Edge Investment Partners Inc. Grows Stake in Progress Software Corporation (NASDAQ:PRGS)

Hudson Edge Investment Partners Inc. boosted its position 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 reporting period.

Other institutional investors also recently bought and sold shares of the company. QRG Capital Management Inc. increased its position in shares of Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock valued at $546,000 after purchasing an additional 187 shares during the last quarter. Vanguard Group Inc. grew its position in Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after buying an additional 45,246 shares during the period. Sei Investments Co. grew its position in Progress Software by 22.7% during the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock valued at $4,297,000 after buying an additional 12,191 shares during the period. Amundi increased its holdings in Progress Software by 110.5% during the fourth quarter. Amundi now owns 25,117 shares of the software maker's stock valued at $1,594,000 after buying an additional 13,187 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Progress Software in the fourth quarter worth approximately $15,432,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PRGS shares. Wedbush reissued an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. DA Davidson upped their price target on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup reiterated a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. Two investment 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, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.17.

Progress Software Price Performance

NASDAQ:PRGS opened at $53.90 on Thursday. The business's 50-day simple moving average is $61.88 and its two-hundred day simple moving average is $59.66. Progress Software Corporation has a 52 week low of $50.68 and a 52 week high of $70.56. The stock has a market cap of $2.32 billion, a PE ratio of 41.15, a P/E/G ratio of 2.66 and a beta of 0.68. The company has a quick ratio of 0.79, a current 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 (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The firm had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same quarter last year, the business posted $1.09 earnings per share. The firm's revenue was up 35.6% on a year-over-year basis. As a group, analysts forecast that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the sale, the insider directly owned 8,317 shares in the company, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

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.

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