Progress Software Corporation $PRGS Shares Bought by Boston Trust Walden Corp

Key Points

• Boston Trust Walden Corp increased its holdings in Progress Software Corporation by 1.9%, now owning approximately 4.17% of the company, valued at $114.7 million.
• Multiple institutional investors, including Swedbank AB and Goldman Sachs Group Inc., have significantly increased their stakes in Progress Software, with increases up to 75.6% during the first quarter.
• Progress Software shares traded up 5.0% recently, with a market capitalization of $2.01 billion and analyst ratings varying from "hold" to "buy" with a consensus price target of around $70.00.

Boston Trust Walden Corp raised its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 1.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,796,719 shares of the software maker's stock after purchasing an additional 32,874 shares during the quarter. Progress Software comprises approximately 0.8% of Boston Trust Walden Corp's portfolio, making the stock its 29th largest holding. Boston Trust Walden Corp owned about 4.17% of Progress Software worth $114,703,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PRGS. Swedbank AB increased its stake in Progress Software by 65.8% in the first quarter. Swedbank AB now owns 728,748 shares of the software maker's stock valued at $37,538,000 after purchasing an additional 289,122 shares during the period. Goldman Sachs Group Inc. increased its stake in Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock valued at $28,894,000 after purchasing an additional 241,515 shares during the period. Nuveen LLC acquired a new position in Progress Software in the first quarter valued at $9,973,000. The Manufacturers Life Insurance Company increased its stake in Progress Software by 29.1% in the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker's stock valued at $34,650,000 after purchasing an additional 151,800 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Progress Software by 1,772.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 156,615 shares of the software maker's stock valued at $8,067,000 after purchasing an additional 148,253 shares during the period.

Progress Software Trading Up 5.0%

Shares of PRGS opened at $46.87 on Tuesday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The firm's 50-day moving average is $44.30 and its two-hundred day moving average is $53.00. Progress Software Corporation has a twelve month low of $40.29 and a twelve month high of $70.56. The firm has a market capitalization of $2.01 billion, a P/E ratio of 42.61, a PEG ratio of 2.04 and a beta of 0.67.

Insider Activity at Progress Software

In related news, Director David Krall bought 5,125 shares of the stock in a transaction on Wednesday, July 23rd. The shares were bought at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the transaction, the director owned 100,090 shares of the company's stock, valued at $4,894,401. This represents a 5.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total transaction of $66,059.28. Following the transaction, the insider owned 668 shares in the company, valued at $30,901.68. The trade was a 68.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,311 shares of company stock valued at $339,332. 3.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on PRGS. Wall Street Zen upgraded shares of Progress Software from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Wedbush reiterated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group dropped their price target on shares of Progress Software from $60.00 to $50.00 and set a "hold" rating on the stock in a research note on Tuesday, September 30th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Progress Software in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.00.

Progress Software 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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