Progress Software Corporation (NASDAQ:PRGS) Shares Acquired by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia increased its stake in Progress Software Corporation by 14.0%, now owning 158,783 shares valued at approximately $8.18 million.
• Progress Software's recent quarterly earnings report showed an EPS of $1.40, surpassing analysts' estimates by $0.10, and a 35.6% increase in revenue year-over-year.
• Despite insider selling, where CFO Anthony Folger sold 5,529 shares, director David Krall acquired an additional 5,125 shares, indicating mixed insider sentiment.

Bank of Nova Scotia lifted its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 158,783 shares of the software maker's stock after purchasing an additional 19,439 shares during the period. Bank of Nova Scotia owned 0.37% of Progress Software worth $8,179,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock valued at $66,039,000 after buying an additional 4,927 shares during the period. Allspring Global Investments Holdings LLC raised its position in Progress Software by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock valued at $49,642,000 after purchasing an additional 125,345 shares during the period. Invesco Ltd. raised its position in Progress Software by 0.7% in the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock valued at $52,284,000 after purchasing an additional 5,474 shares during the period. Deutsche Bank AG raised its position in Progress Software by 11.6% in the fourth quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock valued at $51,410,000 after purchasing an additional 82,156 shares during the period. Finally, Seizert Capital Partners LLC raised its position in Progress Software by 6.6% in the first quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker's stock valued at $31,809,000 after purchasing an additional 38,352 shares during the period.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Krall acquired 5,125 shares of Progress Software stock in a transaction dated Wednesday, July 23rd. The stock was purchased at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director directly 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. Company insiders own 3.40% of the company's stock.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of research analyst reports. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. DA Davidson lifted their target price on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Guggenheim restated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Finally, Citigroup dropped their target price on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $73.33.

Progress Software Stock Down 1.6%

Progress Software stock opened at $45.31 on Tuesday. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a fifty-two week low of $44.88 and a fifty-two week high of $70.56. The company has a market capitalization of $1.95 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 2.18 and a beta of 0.71. The firm has a 50 day moving average price of $56.54 and a 200 day moving average price of $57.11.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly 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. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same quarter last year, the company posted $1.09 EPS. The firm's revenue was up 35.6% compared to the same quarter last year. Research analysts expect that Progress Software Corporation will post 4.01 earnings per share 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.

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