Mitsubishi UFJ Trust & Banking Corp Purchases New Stake in Progress Software Co. (NASDAQ:PRGS)

Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 4,273 shares of the software maker’s stock, valued at approximately $278,000.

Several other large investors have also recently bought and sold shares of the business. Assetmark Inc. grew its stake in shares of Progress Software by 6.6% during the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after purchasing an additional 204 shares during the period. TD Private Client Wealth LLC boosted its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after buying an additional 301 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Progress Software by 5.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after buying an additional 317 shares during the period. Blue Trust Inc. increased 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 valued at $141,000 after buying an additional 394 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after acquiring an additional 523 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Guggenheim restated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research report on Tuesday. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Finally, Citigroup upped their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Price Performance

NASDAQ:PRGS opened at $58.98 on Thursday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company’s 50-day moving average is $55.75 and its two-hundred day moving average is $62.06. 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) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Research analysts expect that Progress Software Co. will post 4.01 EPS for the current year.

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 over the last quarter. 3.40% of the stock is currently owned by insiders.

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.