Progress Software Corporation (NASDAQ:PRGS) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its holdings in Progress Software Corporation (NASDAQ:PRGS) by 9.0% during the first quarter, Holdings Channel reports. The firm owned 8,409 shares of the software maker’s stock after purchasing an additional 694 shares during the period. PNC Financial Services Group Inc.’s holdings in Progress Software were worth $433,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 15.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after acquiring an additional 125,345 shares during the period. Deutsche Bank AG raised its holdings in shares of Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker’s stock valued at $51,410,000 after purchasing an additional 82,156 shares in the last quarter. Seizert Capital Partners LLC grew its stake in Progress Software by 6.6% in the 1st quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker’s stock valued at $31,809,000 after buying an additional 38,352 shares during the last quarter. Systematic Financial Management LP grew its stake in Progress Software by 1.8% in the 4th quarter. Systematic Financial Management LP now owns 554,133 shares of the software maker’s stock valued at $36,102,000 after buying an additional 9,716 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Progress Software by 6.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 520,885 shares of the software maker’s stock worth $33,936,000 after purchasing an additional 30,883 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on PRGS. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. DA Davidson boosted their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, July 1st. Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup decreased their price objective on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a report on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.33.

Progress Software Stock Down 2.5%

Progress Software stock opened at $44.95 on Friday. Progress Software Corporation has a twelve month low of $42.88 and a twelve month high of $70.56. The company has a 50 day moving average of $53.69 and a 200-day moving average of $56.39. The stock has a market capitalization of $1.94 billion, a PE ratio of 34.31, a price-to-earnings-growth ratio of 2.18 and a beta of 0.70. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business had revenue of $237.36 million during the quarter, compared to analysts’ expectations of $237.23 million. During the same quarter in the prior year, the company posted $1.09 earnings per share. The firm’s revenue was up 35.6% on a year-over-year basis. On average, equities research analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

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

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.