LSV Asset Management Increases Stock Position in Progress Software Corporation (NASDAQ:PRGS)

Key Points

• LSV Asset Management increased its stake in Progress Software Corporation by 7.0%, owning approximately $19.75 million worth of shares as of the latest reporting period.
• Progress Software's stock is currently down 4.2%, with shares trading at $46.04, amidst a 52-week range of $45.93 to $70.56.
• The company reported $1.40 EPS for the last quarter, exceeding analysts' expectations, and showed a year-over-year revenue increase of 35.6%.

LSV Asset Management lifted its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 383,370 shares of the software maker's stock after acquiring an additional 24,921 shares during the quarter. LSV Asset Management owned approximately 0.89% of Progress Software worth $19,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of PRGS. Natixis grew its holdings in Progress Software by 287.1% during the 4th quarter. Natixis now owns 518,700 shares of the software maker's stock valued at $33,793,000 after buying an additional 384,700 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Progress Software during the fourth quarter worth $15,432,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Progress Software by 468.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock worth $12,139,000 after buying an additional 153,517 shares during the period. Norges Bank acquired a new position in Progress Software during the fourth quarter worth about $9,699,000. Finally, Mountain Pacific Investment Advisers LLC purchased a new position in shares of Progress Software in the 1st quarter valued at $7,037,000.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Krall bought 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, with a total value of $250,612.50. Following the acquisition, the director directly owned 100,090 shares of the company's stock, valued at approximately $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.40% of the company's stock.

Progress Software Stock Performance

NASDAQ PRGS traded down $0.75 on Thursday, hitting $43.64. The stock had a trading volume of 698,260 shares, compared to its average volume of 782,157. The company's 50-day moving average is $55.85 and its two-hundred day moving average is $56.94. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 33.31, a P/E/G ratio of 2.10 and a beta of 0.70. Progress Software Corporation has a one year low of $42.88 and a one year high of $70.56. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43.

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, beating the consensus estimate of $1.30 by $0.10. The company 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%. The firm's revenue for the quarter was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.09 earnings per share. On average, analysts expect that Progress Software Corporation will post 4.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PRGS has been the topic of a number of research reports. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup decreased their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.33.

Progress Software Company Profile

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.