LPL Financial LLC Has $2.48 Million Stock Holdings in Progress Software Corporation $PRGS

Key Points

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LPL Financial LLC raised its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 1,161.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,112 shares of the software maker's stock after buying an additional 44,298 shares during the period. LPL Financial LLC owned 0.11% of Progress Software worth $2,478,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PRGS. Raymond James Financial Inc. bought a new position in Progress Software during the fourth quarter valued at about $15,432,000. Summit Investment Advisors Inc. raised its holdings 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 valued at $290,000 after buying an additional 239 shares in the last quarter. Mariner LLC raised its holdings in Progress Software by 1.3% during the fourth quarter. Mariner LLC now owns 50,798 shares of the software maker's stock valued at $3,309,000 after buying an additional 666 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Progress Software by 820.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 4,600 shares of the software maker's stock valued at $300,000 after buying an additional 4,100 shares in the last quarter. Finally, GeoWealth Management LLC increased its stake in shares of Progress Software by 637.6% in the fourth quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker's stock worth $253,000 after purchasing an additional 3,354 shares during the period.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Krall acquired 5,125 shares of Progress Software stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the acquisition, the director owned 100,090 shares in the company, valued at approximately $4,894,401. This represents a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Price Performance

Shares of PRGS traded up $1.6890 on Friday, hitting $46.3990. The company's stock had a trading volume of 289,052 shares, compared to its average volume of 782,155. The company has a market capitalization of $2.00 billion, a PE ratio of 35.42, a PEG ratio of 2.11 and a beta of 0.70. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. Progress Software Corporation has a fifty-two week low of $42.88 and a fifty-two week high of $70.56. The company has a 50 day moving average price of $51.82 and a 200 day moving average price of $55.99.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced 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. The business had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%.Progress Software's revenue was up 35.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.09 EPS. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. On average, research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRGS. DA Davidson lifted their price objective on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Guggenheim reiterated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Citigroup dropped their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Finally, Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.33.

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.