M&T Bank Corp Purchases New Stake in Progress Software Corporation $PRGS

Key Points

• M&T Bank purchased a new stake of 84,412 shares in Progress Software (NASDAQ:PRGS) during Q4, valued at about $3.63 million and representing roughly 0.20% ownership.
• Progress Software slightly beat Q1 estimates with EPS of $1.60 vs. $1.57 and revenue of $248M (up 4.1% YoY); the stock has a market cap of about $1.15 billion and a 12‑month range of $23.82–$65.50.
• Analysts maintain a consensus of “Moderate Buy” with an average target of $52.50 despite recent target cuts, while insiders sold roughly 29,194 shares (~$1.11M) last quarter, indicating mixed sentiment among investors.

M&T Bank Corp purchased a new position in Progress Software Corporation (NASDAQ:PRGS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 84,412 shares of the software maker's stock, valued at approximately $3,626,000. M&T Bank Corp owned about 0.20% of Progress Software as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. increased its holdings in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares during the period. AQR Capital Management LLC grew its position in shares of Progress Software by 16.9% in the 1st quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker's stock worth $2,194,000 after buying an additional 6,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Progress Software by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker's stock valued at $1,321,000 after acquiring an additional 1,454 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock worth $28,894,000 after acquiring an additional 241,515 shares during the period. Finally, Jane Street Group LLC boosted its holdings in Progress Software by 206.8% in the first quarter. Jane Street Group LLC now owns 111,326 shares of the software maker's stock valued at $5,734,000 after acquiring an additional 75,044 shares in the last quarter.

Progress Software Stock Performance

NASDAQ PRGS opened at $27.23 on Monday. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $65.50. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock's fifty day moving average price is $32.78 and its 200-day moving average price is $39.13. The stock has a market cap of $1.15 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.16 and a beta of 0.76.

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

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 21,594 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total transaction of $813,014.10. Following the sale, the executive vice president owned 15,542 shares in the company, valued at $585,156.30. This represents a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 29,194 shares of company stock worth $1,114,262. Insiders own 4.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PRGS shares. DA Davidson cut 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. Citigroup lowered their price objective on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. Weiss Ratings cut Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, April 16th. Jefferies Financial Group reduced their target price on Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a report on Tuesday, March 31st. Finally, Oppenheimer decreased their target price on Progress Software from $70.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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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