GAMMA Investing LLC Has $93,000 Stock Position in Progress Software Corporation $PRGS

GAMMA Investing LLC lifted its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 59.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,463 shares of the software maker’s stock after buying an additional 546 shares during the period. GAMMA Investing LLC’s holdings in Progress Software were worth $93,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Exchange Traded Concepts LLC boosted its holdings in shares of Progress Software by 4.3% during the 2nd quarter. Exchange Traded Concepts LLC now owns 33,888 shares of the software maker’s stock worth $2,163,000 after buying an additional 1,389 shares during the period. Chesley Taft & Associates LLC bought a new stake in Progress Software in the 2nd quarter valued at $227,000. Harbor Capital Advisors Inc. boosted its holdings in Progress Software by 14.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,759 shares of the software maker’s stock valued at $751,000 after purchasing an additional 1,473 shares during the period. Parisi Gray Wealth Management bought a new stake in Progress Software in the 2nd quarter valued at $204,000. Finally, Swedbank AB boosted its holdings in Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after purchasing an additional 289,122 shares during the period.

Progress Software Stock Up 2.4%

Shares of NASDAQ:PRGS opened at $46.32 on Friday. Progress Software Corporation has a one year low of $40.29 and a one year high of $70.56. The company has a 50 day moving average of $44.60 and a 200-day moving average of $53.41. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.43. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 42.11, a P/E/G ratio of 2.06 and a beta of 0.67.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.10. The business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. Progress Software’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 EPS. On average, sell-side analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In related news, Director David Krall purchased 5,125 shares of the business’s stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average price of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director owned 100,090 shares in the company, valued at $4,894,401. This represents a 5.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the sale, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRGS. Wall Street Zen downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Citigroup dropped their price objective on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $70.00.

Progress Software 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.