Progress Software Corporation $PRGS Shares Acquired by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management boosted its stake in Progress Software by 37.2% in the fourth quarter, buying 33,800 additional shares and ending with 124,750 shares valued at about $5.36 million.
• Progress Software shares rose 7.5% and opened at $32.83, while the company’s latest earnings beat expectations with $1.60 EPS versus the $1.57 consensus and revenue of $248 million.
• Analysts have mostly turned more cautious, with several cutting price targets; the stock now carries a Moderate Buy consensus and an average price target of $52.50.

Hillsdale Investment Management Inc. increased its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 37.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 124,750 shares of the software maker's stock after acquiring an additional 33,800 shares during the quarter. Hillsdale Investment Management Inc. owned approximately 0.30% of Progress Software worth $5,359,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. ProShare Advisors LLC increased its holdings in Progress Software by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker's stock valued at $358,000 after buying an additional 258 shares during the last quarter. California State Teachers Retirement System increased its holdings in Progress Software by 0.8% in the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker's stock valued at $2,531,000 after buying an additional 333 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock valued at $32,000 after buying an additional 493 shares during the last quarter. Advisory Research Inc. increased its holdings in Progress Software by 3.8% in the third quarter. Advisory Research Inc. now owns 15,209 shares of the software maker's stock valued at $668,000 after buying an additional 562 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Progress Software by 1.3% in the third quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker's stock valued at $2,055,000 after buying an additional 601 shares during the last quarter.

Progress Software Stock Up 7.5%

NASDAQ:PRGS opened at $32.83 on Friday. The firm has a market capitalization of $1.38 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.40 and a beta of 0.78. The stock has a 50 day moving average of $28.65 and a 200-day moving average of $36.64. Progress Software Corporation has a 52 week low of $23.82 and a 52 week 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.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PRGS shares. Oppenheimer lowered their price objective on Progress Software from $70.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, March 31st. Citigroup lowered their price objective on Progress Software from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. Jefferies Financial Group lowered their price objective on Progress Software from $45.00 to $34.00 and set a "hold" rating for the company in a report on Tuesday, March 31st. Wedbush lowered their price objective on Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a report on Tuesday, March 31st. Finally, DA Davidson lowered their price objective on Progress Software from $70.00 to $50.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $52.50.

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 21,594 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total transaction of $813,014.10. Following the completion of the transaction, the executive vice president directly owned 15,542 shares of the company's stock, valued at approximately $585,156.30. This represents a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.10% of the company's stock.

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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