Systematic Financial Management LP Raises Stake in Progress Software Co. (NASDAQ:PRGS)

Systematic Financial Management LP boosted its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 554,133 shares of the software maker's stock after buying an additional 9,716 shares during the quarter. Systematic Financial Management LP owned approximately 1.28% of Progress Software worth $36,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. ProShare Advisors LLC increased its holdings in shares of Progress Software by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 12,817 shares of the software maker's stock valued at $835,000 after acquiring an additional 3,945 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Progress Software by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,190 shares of the software maker's stock valued at $1,576,000 after purchasing an additional 933 shares during the period. Lazard Asset Management LLC increased its stake in Progress Software by 178.0% in the 4th quarter. Lazard Asset Management LLC now owns 101,842 shares of the software maker's stock worth $6,634,000 after acquiring an additional 65,202 shares during the last quarter. Gotham Asset Management LLC increased its stake in Progress Software by 114.5% in the 4th quarter. Gotham Asset Management LLC now owns 18,904 shares of the software maker's stock worth $1,232,000 after acquiring an additional 10,093 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Progress Software by 44.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 399,909 shares of the software maker's stock valued at $26,054,000 after purchasing an additional 122,463 shares during the last quarter.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $63.12 on Friday. The firm's 50 day moving average is $57.47 and its two-hundred day moving average is $60.87. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The firm has a market capitalization of $2.72 billion, a P/E ratio of 40.46, a PEG ratio of 2.82 and a beta of 0.67. 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 posted its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. The firm had revenue of $238.02 million during 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 quarter last year, the business posted $1.25 EPS. Analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction dated 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 sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRGS. StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Wedbush reiterated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Citigroup raised their target price on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. DA Davidson cut their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.33.

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.

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