Progress Software Corporation (NASDAQ:PRGS) Stock Holdings Increased by Alps Advisors Inc.

Alps Advisors Inc. boosted its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,919 shares of the software maker's stock after buying an additional 7,503 shares during the quarter. Alps Advisors Inc. owned approximately 0.24% of Progress Software worth $5,353,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRGS. Natixis boosted its stake in Progress Software by 287.1% in the fourth quarter. Natixis now owns 518,700 shares of the software maker's stock valued at $33,793,000 after acquiring an additional 384,700 shares during the period. Raymond James Financial Inc. acquired a new position in Progress Software in the fourth quarter valued at approximately $15,432,000. Price T Rowe Associates Inc. MD boosted its stake in Progress Software by 468.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock valued at $12,139,000 after acquiring an additional 153,517 shares during the period. Norges Bank acquired a new position in Progress Software in the fourth quarter valued at approximately $9,699,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Progress Software by 228.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker's stock valued at $13,581,000 after acquiring an additional 144,892 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRGS shares. 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 note on Tuesday, July 1st. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Citigroup reiterated a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Progress Software has an average rating of "Moderate Buy" and a consensus target price of $75.17.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $49.62 on Friday. The company has a market cap of $2.14 billion, a PE ratio of 37.88, a P/E/G ratio of 2.40 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 12-month low of $49.15 and a 12-month high of $70.56. The stock has a 50 day simple moving average of $60.80 and a 200-day simple moving average of $58.95.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million during 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 earnings per share. On average, equities research analysts forecast that Progress Software Corporation 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.

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