Woodline Partners LP Has $7.11 Million Position in Progress Software Co. (NASDAQ:PRGS)

Woodline Partners LP lifted its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 9.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,072 shares of the software maker's stock after buying an additional 9,789 shares during the quarter. Woodline Partners LP owned about 0.25% of Progress Software worth $7,106,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bessemer Group Inc. increased its holdings in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after acquiring an additional 296 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after acquiring an additional 688 shares during the period. Blue Trust Inc. increased its holdings in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after acquiring an additional 394 shares during the period. KBC Group NV increased its holdings in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares during the period. Finally, Assetmark Inc. increased its holdings in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after acquiring an additional 204 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRGS shares. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Finally, DA Davidson dropped their price objective on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and a consensus price target of $74.33.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now owns 8,317 shares of the company's stock, valued at $468,163.93. The trade was a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded down $0.74 on Thursday, reaching $60.62. 176,362 shares of the company were exchanged, compared to its average volume of 565,424. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 38.76, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a 50-day moving average of $58.59 and a 200-day moving average of $60.66. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company's revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. Equities analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

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.