Seizert Capital Partners LLC Purchases 38,352 Shares of Progress Software Corporation (NASDAQ:PRGS)

Seizert Capital Partners LLC grew its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 6.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 617,524 shares of the software maker's stock after acquiring an additional 38,352 shares during the quarter. Seizert Capital Partners LLC owned 1.44% of Progress Software worth $31,809,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. raised its holdings in Progress Software by 22.7% in the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock worth $4,297,000 after purchasing an additional 12,191 shares during the period. LPL Financial LLC acquired a new stake in Progress Software during the 4th quarter worth $248,000. Vanguard Group Inc. lifted its holdings in Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after acquiring an additional 45,246 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Progress Software in the fourth quarter valued at about $278,000. Finally, Norges Bank bought a new stake in shares of Progress Software in the fourth quarter worth about $9,699,000.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRGS shares. Citigroup lowered their target price on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, DA Davidson upped their price objective on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.33.

Insider Activity at Progress Software

In other Progress Software news, Director David Krall purchased 5,125 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the purchase, the director owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 5,529 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at $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. Insiders own 3.40% of the company's stock.

Progress Software Stock Down 4.2%

PRGS traded down $2.04 on Friday, hitting $46.04. 1,120,793 shares of the company were exchanged, compared to its average volume of 1,096,541. 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 stock's fifty day moving average is $56.86 and its 200-day moving average is $57.32. The company has a market cap of $1.98 billion, a PE ratio of 35.15, a PEG ratio of 2.28 and a beta of 0.68. Progress Software Corporation has a 12 month low of $45.93 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.10. The business had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm's revenue was up 35.6% on a year-over-year basis. During the same period last year, the business earned $1.09 earnings per share. Equities research analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

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.