Invesco Ltd. Increases Stake in Progress Software Co. (NASDAQ:PRGS)

Invesco Ltd. boosted its stake in Progress Software Co. (NASDAQ:PRGS) by 0.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 802,523 shares of the software maker’s stock after buying an additional 5,474 shares during the period. Invesco Ltd. owned 1.85% of Progress Software worth $52,284,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PRGS. Smartleaf Asset Management LLC raised its position in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares in the last quarter. GAMMA Investing LLC raised its holdings in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares in the last quarter. Blue Trust Inc. lifted its position in Progress Software by 23.2% during 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 during the period. KBC Group NV lifted its position in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 shares during the period. Finally, Assetmark Inc. boosted its holdings 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 valued at $215,000 after buying an additional 204 shares in the last quarter.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 703 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now directly owns 8,317 shares of the company’s stock, valued at approximately $468,163.93. This represents a 7.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,185 shares of company stock valued at $1,024,193. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

Shares of PRGS opened at $57.08 on Wednesday. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 36.59, a P/E/G ratio of 2.82 and a beta of 0.85. The business’s fifty day simple moving average is $55.89 and its two-hundred day simple moving average is $61.80. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. 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 released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating 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 company had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. During the same period last year, the firm posted $1.25 earnings per share. Progress Software’s revenue was up 28.9% compared to the same quarter last year. Research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on PRGS shares. DA Davidson lowered their price target on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday. Citigroup boosted their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Guggenheim restated a “buy” rating and set a $83.00 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 assigned a buy rating to the stock. According to MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and an average target price 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.