LSV Asset Management Boosts Stake in Progress Software Corporation $PRGS

Key Points

• LSV Asset Management sharply increased its stake in Progress Software by 171.2% in the fourth quarter, ending with 981,800 shares worth about $42.2 million.
• Progress Software recently reported quarterly results that beat earnings and revenue expectations, with EPS of $1.60 versus $1.57 expected and revenue of $248.0 million, up 4.1% year over year.
• Despite the positive earnings beat, analysts have cut price targets on PRGS; the stock currently carries a Moderate Buy consensus with an average target of $52.50.

LSV Asset Management lifted its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 171.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 981,800 shares of the software maker's stock after buying an additional 619,800 shares during the period. LSV Asset Management owned approximately 2.33% of Progress Software worth $42,178,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Diamond Hill Capital Management Inc. raised its stake in Progress Software by 6.6% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 495,346 shares of the software maker's stock worth $21,280,000 after purchasing an additional 30,748 shares during the period. Leonteq Securities AG purchased a new position in Progress Software during the fourth quarter worth about $79,000. PNC Financial Services Group Inc. raised its stake in Progress Software by 11.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,095 shares of the software maker's stock worth $477,000 after purchasing an additional 1,111 shares during the period. ProShare Advisors LLC raised its stake in Progress Software by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker's stock worth $358,000 after purchasing an additional 258 shares during the period. Finally, HighTower Advisors LLC raised its stake in Progress Software by 74.9% during the fourth quarter. HighTower Advisors LLC now owns 5,477 shares of the software maker's stock worth $235,000 after purchasing an additional 2,346 shares during the period.

Progress Software Price Performance

Progress Software stock opened at $29.78 on Monday. Progress Software Corporation has a fifty-two week low of $23.82 and a fifty-two week high of $65.50. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a 50 day moving average price of $28.99 and a 200 day moving average price of $37.02. The company has a market capitalization of $1.25 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 1.27 and a beta of 0.78.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The firm had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. During the same quarter last year, the firm earned $1.31 EPS. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 1,600 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total transaction of $61,248.00. Following the sale, the executive vice president directly owned 15,542 shares of the company's stock, valued at $594,947.76. This represents a 9.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on PRGS shares. Oppenheimer reduced their target price on shares of Progress Software from $70.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. Jefferies Financial Group reduced their target price on shares of Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. Wedbush reduced their target price on shares of Progress Software from $65.00 to $45.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. DA Davidson reduced their target price on shares of Progress Software from $70.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Finally, Citigroup reduced their price objective on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $52.50.

Progress Software Company Profile

Progress Software NASDAQ: PRGS is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company's offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress's portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.

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