XTX Topco Ltd Takes Position in Progress Software Corporation (NASDAQ:PRGS)

Key Points

• XTX Topco Ltd purchased a new stake in Progress Software Corporation, acquiring 6,374 shares valued at approximately $328,000.
• Several institutional investors, including Mackenzie Financial Corp and LPL Financial LLC, have also increased their holdings in Progress Software significantly during the first quarter.
• Progress Software reported a 35.6% year-over-year increase in revenue, with earnings per share of $1.40, exceeding analysts' expectations of $1.30.

XTX Topco Ltd purchased a new stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,374 shares of the software maker's stock, valued at approximately $328,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PRGS. LPL Financial LLC acquired a new position in Progress Software in the 4th quarter valued at about $248,000. Franklin Resources Inc. grew its position in shares of Progress Software by 26.1% during the 4th quarter. Franklin Resources Inc. now owns 40,846 shares of the software maker's stock worth $2,661,000 after purchasing an additional 8,452 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock worth $66,039,000 after purchasing an additional 4,927 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Progress Software by 1.2% during the 4th quarter. Wells Fargo & Company MN now owns 309,489 shares of the software maker's stock worth $20,163,000 after purchasing an additional 3,668 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock worth $52,284,000 after purchasing an additional 5,474 shares in the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of analyst reports. Wedbush restated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup decreased their target price on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Finally, Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of "Moderate Buy" and an average target price of $73.33.

Insider Activity at Progress Software

In other Progress Software news, Director Rainer Gawlick purchased 1,710 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average price of $43.48 per share, with a total value of $74,350.80. Following the completion of the purchase, the director 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Krall purchased 5,125 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were acquired at an average cost 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 approximately $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.40% of the stock is owned by insiders.

Progress Software Price Performance

Shares of Progress Software stock traded down $0.42 on Thursday, reaching $45.69. 200,385 shares of the stock were exchanged, compared to its average volume of 785,928. The firm's 50 day moving average is $54.07 and its 200-day moving average is $56.46. Progress Software Corporation has a one year low of $42.88 and a one year 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 has a market cap of $1.97 billion, a PE ratio of 34.92, a P/E/G ratio of 2.10 and a beta of 0.70.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly 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 company had revenue of $237.36 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 EPS. As a group, analysts anticipate 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.