Natixis Buys 384,700 Shares of Progress Software Co. (NASDAQ:PRGS)

Natixis grew its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 287.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 518,700 shares of the software maker's stock after buying an additional 384,700 shares during the period. Natixis owned approximately 1.20% of Progress Software worth $33,793,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PRGS. First Trust Advisors LP boosted its holdings in Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock valued at $6,248,000 after acquiring an additional 281 shares during the period. GeoWealth Management LLC boosted its stake in Progress Software by 637.6% during the 4th quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker's stock valued at $253,000 after purchasing an additional 3,354 shares during the period. Canada Pension Plan Investment Board grew its holdings in Progress Software by 820.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 4,600 shares of the software maker's stock valued at $300,000 after buying an additional 4,100 shares during the last quarter. EAM Global Investors LLC bought a new position in Progress Software in the 4th quarter worth approximately $4,241,000. Finally, Defined Financial Planning LLC acquired a new position in shares of Progress Software during the fourth quarter worth approximately $339,000.

Progress Software Trading Up 0.9 %

PRGS stock traded up $0.54 during midday trading on Thursday, reaching $58.90. The company's stock had a trading volume of 185,762 shares, compared to its average volume of 554,641. The business's 50-day simple moving average is $55.75 and its 200-day simple moving average is $61.43. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.53 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56.

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

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company's stock, valued at $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,185 shares of company stock valued at $1,024,193. Company insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRGS. Guggenheim restated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. DA Davidson reduced their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 14th. StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Finally, Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $74.33.

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.