Systematic Financial Management LP Increases Stake 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 boosted its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 16.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 643,711 shares of the software maker's stock after acquiring an additional 89,578 shares during the period. Progress Software accounts for about 0.9% of Systematic Financial Management LP's holdings, making the stock its 29th biggest position. Systematic Financial Management LP owned about 1.50% of Progress Software worth $33,158,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PRGS. Orion Capital Management LLC purchased a new position in Progress Software during the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC boosted its stake in shares of 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 in the last quarter. LPL Financial LLC purchased a new stake in shares of Progress Software in the 4th quarter valued at $248,000. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of Progress Software in the 1st quarter valued at $206,000. Finally, Dakota Wealth Management bought a new stake in Progress Software during the 1st quarter valued at $224,000.

Progress Software Stock Performance

NASDAQ PRGS traded up $1.46 during trading hours on Wednesday, hitting $46.84. 520,605 shares of the company's stock traded hands, compared to its average volume of 779,847. The business's fifty day moving average price is $50.80 and its two-hundred day moving average price is $55.75. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The firm has a market capitalization of $2.02 billion, a P/E ratio of 35.76, a P/E/G ratio of 2.18 and a beta of 0.70. Progress Software Corporation has a 52 week low of $42.88 and a 52 week high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.10. The company 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 firm's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.09 earnings per share. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Equities research analysts predict that Progress Software Corporation will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value 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. This represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rainer Gawlick acquired 1,710 shares of the business's stock in a transaction 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 transaction, the director directly owned 55,544 shares of the company's stock, valued at approximately $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. Company insiders own 3.60% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on PRGS shares. Wedbush restated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. DA Davidson upped their target price on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Guggenheim restated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $73.33.

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.