Legato Capital Management LLC Has $1.64 Million Stock Holdings in Progress Software Corporation (NASDAQ:PRGS)

Legato Capital Management LLC increased its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 20.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,841 shares of the software maker's stock after purchasing an additional 5,405 shares during the period. Legato Capital Management LLC owned approximately 0.07% of Progress Software worth $1,640,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its position in Progress Software by 1.8% in the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after purchasing an additional 187 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Progress Software by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock worth $290,000 after buying an additional 239 shares during the last quarter. First Trust Advisors LP grew its stake in Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock worth $6,248,000 after buying an additional 281 shares during the last quarter. Bessemer Group Inc. grew its stake in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after buying an additional 296 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after buying an additional 326 shares during the last quarter.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 5,529 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David Krall acquired 5,125 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was acquired at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director directly owned 100,090 shares of the company's stock, valued at $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on PRGS shares. DA Davidson upped their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Wedbush reaffirmed an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $73.33.

Progress Software Price Performance

Shares of PRGS traded up $0.84 during mid-day trading on Friday, hitting $50.81. 1,049,683 shares of the company traded hands, compared to its average volume of 1,491,218. Progress Software Corporation has a one year low of $47.42 and a one year high of $70.56. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The business has a 50-day moving average of $58.22 and a 200 day moving average of $57.81. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 2.36 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period in the prior year, the firm earned $1.09 earnings per share. Progress Software's revenue was up 35.6% compared to the same quarter last year. As a group, equities analysts expect 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.