Progress Software Corporation $PRGS Position Raised by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its holdings in Progress Software Corporation by **47.4%**, acquiring an additional **50,697 shares** to reach a total of **157,640 shares** valued at approximately **$8.12 million**.
• Insider buying activity includes Director David Krall purchasing **5,125 shares** at $48.90 each, raising his position to **100,090 shares** worth about **$4.89 million**.
• Brokerages have mixed views on the stock, with **DA Davidson** raising the price target from **$70 to $75** and **Citigroup** lowering it from **$64 to $57**, while the company maintains an average rating of **"Moderate Buy"** with a consensus price target of **$73.33**.

Public Sector Pension Investment Board lifted its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 47.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 157,640 shares of the software maker's stock after purchasing an additional 50,697 shares during the period. Public Sector Pension Investment Board owned approximately 0.37% of Progress Software worth $8,120,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 15.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock worth $49,642,000 after acquiring an additional 125,345 shares in the last quarter. Deutsche Bank AG raised its position in Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock worth $51,410,000 after buying an additional 82,156 shares during the last quarter. Seizert Capital Partners LLC raised its position in Progress Software by 6.6% during the 1st quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker's stock worth $31,809,000 after buying an additional 38,352 shares during the last quarter. Systematic Financial Management LP raised its position in Progress Software by 1.8% during the 4th quarter. Systematic Financial Management LP now owns 554,133 shares of the software maker's stock worth $36,102,000 after buying an additional 9,716 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Progress Software by 6.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 520,885 shares of the software maker's stock worth $33,936,000 after purchasing an additional 30,883 shares during the period.

Progress Software Stock Down 0.4%

Shares of PRGS stock traded down $0.17 during mid-day trading on Monday, reaching $45.56. 266,615 shares of the company were exchanged, compared to its average volume of 785,699. Progress Software Corporation has a fifty-two week low of $42.88 and a fifty-two week high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $1.96 billion, a P/E ratio of 34.71, a P/E/G ratio of 2.16 and a beta of 0.70. The business's 50 day simple moving average is $53.33 and its 200 day simple moving average is $56.32.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PRGS. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Wedbush restated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Finally, Citigroup cut their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $73.33.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rainer Gawlick acquired 1,710 shares of Progress Software stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the completion of the purchase, the director directly owned 55,544 shares of the company's stock, valued at $2,415,053.12. The trade was a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by company insiders.

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.