Systematic Financial Management LP Has $33.16 Million Position in Progress Software Corporation $PRGS

Key Points

• Systematic Financial Management LP has increased its stake in Progress Software Corporation by 16.2%, now owning 643,711 shares valued at approximately $33.16 million, making it the firm's 29th largest holding.
• Progress Software recently reported earnings of $1.40 per share, exceeding expectations, with revenue of $237.36 million reflecting a 35.6% year-over-year increase.
• Equity analysts have a consensus rating of "Moderate Buy" for Progress Software, with price targets ranging from $57.00 to $83.00, indicating positive sentiments toward the company's growth potential.

Systematic Financial Management LP increased its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 16.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 643,711 shares of the software maker's stock after purchasing an additional 89,578 shares during the period. Progress Software accounts for about 0.9% of Systematic Financial Management LP's investment portfolio, making the stock its 29th biggest holding. Systematic Financial Management LP owned about 1.50% of Progress Software worth $33,158,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Orion Capital Management LLC acquired a new position in Progress Software in the fourth quarter worth about $33,000. Nisa Investment Advisors LLC grew its stake in Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after purchasing an additional 326 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new position in Progress Software in the first quarter worth about $206,000. Dakota Wealth Management acquired a new position in Progress Software in the first quarter worth about $224,000. Finally, LPL Financial LLC acquired a new position in Progress Software in the fourth quarter valued at approximately $248,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PRGS shares. Citigroup cut their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research 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, DA Davidson boosted their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

Progress Software Stock Down 1.0%

Shares of PRGS stock traded down $0.48 on Thursday, hitting $46.36. The company's stock had a trading volume of 165,929 shares, compared to its average volume of 775,982. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 35.39, a P/E/G ratio of 2.15 and a beta of 0.70. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. Progress Software Corporation has a fifty-two week low of $42.88 and a fifty-two week high of $70.56. The firm's fifty day moving average price is $50.47 and its 200-day moving average price is $55.69.

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, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business's revenue was up 35.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 EPS. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Research analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Krall bought 5,125 shares of the business's stock in a transaction on 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 transaction, the director directly 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 the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the company's 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 transaction, the chief financial officer directly owned 43,559 shares of the company's stock, valued at $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company's stock.

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.