Alps Advisors Inc. Grows Position in Progress Software Corporation (NASDAQ:PRGS)

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Natixis grew its position in shares of 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 purchasing an additional 384,700 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progress Software in the 4th quarter worth approximately $15,432,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Progress Software by 468.3% in the 4th 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 last quarter. Norges Bank purchased a new stake in shares of Progress Software during the fourth quarter worth $9,699,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Progress Software by 228.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker's stock worth $13,581,000 after purchasing an additional 144,892 shares in the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the firm'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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the transaction, the chief financial officer directly owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company's stock.

Progress Software Stock Performance

Shares of PRGS stock traded down $1.14 during trading hours on Tuesday, reaching $47.66. 1,624,020 shares of the company traded hands, compared to its average volume of 630,633. The company has a market cap of $2.05 billion, a P/E ratio of 36.38, a P/E/G ratio of 2.35 and a beta of 0.68. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a 50-day moving average price of $60.80 and a 200 day moving average price of $58.85. Progress Software Corporation has a 12-month low of $47.58 and a 12-month high of $70.56.

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, topping the consensus estimate of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same period last year, the company earned $1.09 earnings per share. Progress Software's revenue for the quarter was up 35.6% compared to the same quarter last year. As a group, sell-side analysts predict that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PRGS shares. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reissued a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Citigroup lowered their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday. DA Davidson upped their price target on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Finally, Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus 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.