Systematic Financial Management LP Boosts Holdings in Progress Software Co. (NASDAQ:PRGS)

Systematic Financial Management LP boosted its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 554,133 shares of the software maker's stock after acquiring an additional 9,716 shares during the period. Systematic Financial Management LP owned 1.28% of Progress Software worth $36,102,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Exchange Traded Concepts LLC raised its position in shares of Progress Software by 4.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker's stock worth $2,008,000 after purchasing an additional 1,261 shares during the last quarter. Blue Trust Inc. raised its holdings in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after buying an additional 394 shares during the last quarter. KBC Group NV lifted its stake in shares of Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after buying an additional 719 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Finally, EMC Capital Management grew its holdings in shares of Progress Software by 43.8% during the fourth quarter. EMC Capital Management now owns 3,822 shares of the software maker's stock valued at $249,000 after buying an additional 1,164 shares during the last quarter.

Progress Software Stock Performance

Shares of PRGS stock traded down $0.42 on Thursday, reaching $61.42. The stock had a trading volume of 127,888 shares, compared to its average volume of 699,394. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The stock has a market cap of $2.64 billion, a P/E ratio of 39.37, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67. The company has a 50 day simple moving average of $57.96 and a 200 day simple moving average of $60.83.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its 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 company had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. Progress Software's revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 earnings per share. Equities research analysts expect that Progress Software Co. will post 4.01 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PRGS shares. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Wedbush reaffirmed an "outperform" rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson dropped their price objective on Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.33.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares of the company's stock, valued at $468,163.93. The trade was a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $83,209.56. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.

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.