Liontrust Investment Partners LLP Acquires Shares of 11,438 Progress Software Corporation $PRGS

Key Points

• Liontrust Investment Partners LLP acquired 11,438 shares of Progress Software Corporation, valued at approximately $589,000, according to a recent SEC filing.
• Progress Software has received a mix of ratings from analysts, with five buy ratings and a consensus target price of $73.33.
• Despite some insider selling, the company's stock has shown recent growth and reported earnings of $1.40 EPS, exceeding analyst expectations.

Liontrust Investment Partners LLP purchased a new position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,438 shares of the software maker's stock, valued at approximately $589,000.

Several other institutional investors have also recently modified their holdings of the company. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Progress Software during the 1st quarter valued at about $206,000. Public Sector Pension Investment Board grew its position in Progress Software by 47.4% during the first quarter. Public Sector Pension Investment Board now owns 157,640 shares of the software maker's stock valued at $8,120,000 after acquiring an additional 50,697 shares during the last quarter. Nuveen LLC purchased a new position in shares of Progress Software during the first quarter worth approximately $9,973,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Progress Software by 1,772.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 156,615 shares of the software maker's stock worth $8,067,000 after acquiring an additional 148,253 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Progress Software by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 501,652 shares of the software maker's stock valued at $25,840,000 after purchasing an additional 9,852 shares in the last quarter.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the transaction, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rainer Gawlick acquired 1,710 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $43.48 per share, with a total value of $74,350.80. Following the acquisition, the director owned 55,544 shares of the company's stock, valued at $2,415,053.12. This represents a 3.18% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. DA Davidson boosted their target price on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Progress Software presently has an average rating of "Moderate Buy" and a consensus price target of $73.33.

Progress Software Trading Up 0.1%

Shares of Progress Software stock traded up $0.0650 during midday trading on Thursday, reaching $44.6250. 179,741 shares of the company's stock traded hands, compared to its average volume of 782,269. The company has a market cap of $1.92 billion, a PE ratio of 34.08, a price-to-earnings-growth ratio of 2.13 and a beta of 0.70. The stock has a 50 day moving average of $52.19 and a 200-day moving average of $56.08. Progress Software Corporation has a 12 month low of $42.88 and a 12 month high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

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, topping 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 firm had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same period last year, the company posted $1.09 EPS. The company's quarterly revenue was up 35.6% compared to the same quarter last year. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, equities analysts expect that Progress Software Corporation will post 4.01 EPS 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.