The Manufacturers Life Insurance Company Buys 30,883 Shares of Progress Software Co. (NASDAQ:PRGS)

The Manufacturers Life Insurance Company lifted its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 6.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 520,885 shares of the software maker's stock after acquiring an additional 30,883 shares during the period. The Manufacturers Life Insurance Company owned 1.20% of Progress Software worth $33,936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. boosted its position in shares of Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Natixis increased its position in shares of Progress Software by 287.1% during the fourth quarter. Natixis now owns 518,700 shares of the software maker's stock worth $33,793,000 after purchasing an additional 384,700 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Progress Software during the 4th quarter valued at approximately $15,432,000. Price T Rowe Associates Inc. MD increased its stake in shares of Progress Software by 468.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock worth $12,139,000 after acquiring an additional 153,517 shares during the period. Finally, Norges Bank acquired a new stake in Progress Software during the fourth quarter worth about $9,699,000.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 703 shares of the company's stock in a transaction on 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 owns 8,317 shares of the company's stock, valued at $468,163.93. This represents a 7.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm'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. 3.40% of the stock is owned by insiders.

Progress Software Stock Performance

PRGS stock traded up $0.11 during midday trading on Tuesday, hitting $60.79. The stock had a trading volume of 158,598 shares, compared to its average volume of 557,075. The stock has a 50-day simple moving average of $56.30 and a 200 day simple moving average of $61.01. 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 $2.62 billion, a price-to-earnings ratio of 38.99, a P/E/G 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 earnings results 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. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same period in the previous year, the company posted $1.25 earnings per share. The company's revenue for the quarter was up 28.9% on a year-over-year basis. As a group, equities research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRGS. Wedbush restated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, January 6th. Citigroup raised their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research 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. Finally, Guggenheim reiterated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company 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.