Mackenzie Financial Corp Increases Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Mackenzie Financial Corp lifted its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 22.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,562 shares of the software maker's stock after acquiring an additional 6,640 shares during the period. Mackenzie Financial Corp owned approximately 0.08% of Progress Software worth $2,382,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PRGS. Bessemer Group Inc. grew its position in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new position in Progress Software in the fourth quarter valued at $33,000. Smartleaf Asset Management LLC grew its position in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. Blue Trust Inc. grew its position in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after purchasing an additional 394 shares in the last quarter. Finally, KBC Group NV grew its position in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after purchasing an additional 719 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Finally, DA Davidson decreased their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $74.33.

Insider Buying and Selling

In related news, insider Ian Pitt sold 703 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares of the company's stock, valued at approximately $468,163.93. The trade was a 7.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Progress Software Stock Performance

Shares of PRGS traded up $0.41 during midday trading on Friday, reaching $61.48. The stock had a trading volume of 531,062 shares, compared to its average volume of 566,730. The firm has a 50 day simple moving average of $58.84 and a 200-day simple moving average of $60.56. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The firm has a market cap of $2.65 billion, a PE ratio of 39.41, a P/E/G ratio of 2.82 and a beta of 0.67. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same quarter last year, the firm posted $1.25 EPS. The company's quarterly revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Progress Software Co. will post 4.01 EPS for the current year.

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.