Russell Investments Group Ltd. Has $1.90 Million Stock Position in Progress Software Corporation $PRGS

Key Points

• Russell Investments Group Ltd. reduced its holdings in Progress Software Corporation by 28.6%, owning 36,826 shares worth approximately $1.90 million at the end of the reporting period.
• Progress Software reported an earnings per share (EPS) of $1.40 for the last quarter, exceeding analysts' expectations of $1.30 and showing a year-over-year revenue increase of 35.6%.
• Research analysts have set a consensus price target of $73.33 for Progress Software, with four analysts rating the stock as a "Buy" and two as "Hold."

Russell Investments Group Ltd. reduced its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 28.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,826 shares of the software maker's stock after selling 14,785 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.09% of Progress Software worth $1,897,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. Avantax Advisory Services Inc. boosted its position in shares of Progress Software by 3.0% in the first quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock valued at $329,000 after acquiring an additional 185 shares during the period. QRG Capital Management Inc. raised its stake in Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock valued at $546,000 after purchasing an additional 187 shares during the last quarter. First Trust Advisors LP boosted its holdings in Progress Software by 0.3% in the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock valued at $6,248,000 after purchasing an additional 281 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Progress Software by 25.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after purchasing an additional 326 shares during the period. Finally, Cetera Investment Advisers grew its position in Progress Software by 8.3% in the 4th quarter. Cetera Investment Advisers now owns 4,796 shares of the software maker's stock worth $312,000 after purchasing an additional 367 shares during the last quarter.

Insider Activity

In other news, Director Rainer Gawlick bought 1,710 shares of Progress Software stock in a transaction dated Tuesday, August 12th. The shares were bought at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Krall bought 5,125 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was purchased at an average price of $48.90 per share, with a total value of $250,612.50. Following the purchase, the director directly owned 100,090 shares of the company's stock, valued at $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is owned by corporate insiders.

Progress Software Price Performance

Shares of PRGS stock traded down $0.02 during trading hours on Monday, hitting $46.29. The company had a trading volume of 424,428 shares, compared to its average volume of 783,619. Progress Software Corporation has a 12 month low of $42.88 and a 12 month 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 firm's fifty day moving average is $49.47 and its 200 day moving average is $55.43. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 35.34, a PEG ratio of 2.19 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating 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 business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same quarter in the previous year, the firm earned $1.09 EPS. Progress Software's quarterly revenue was up 35.6% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. On average, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Citigroup decreased their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Finally, DA Davidson boosted their price objective on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $73.33.

About Progress Software

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.