Progress Software Co. (NASDAQ:PRGS) Stock Holdings Increased by Seizert Capital Partners LLC

Seizert Capital Partners LLC raised its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 3.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 645,132 shares of the software maker’s stock after buying an additional 20,355 shares during the period. Progress Software comprises approximately 2.0% of Seizert Capital Partners LLC’s investment portfolio, making the stock its 19th biggest position. Seizert Capital Partners LLC’s holdings in Progress Software were worth $43,463,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Leuthold Group LLC lifted its position in shares of Progress Software by 958.1% during the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after acquiring an additional 371,026 shares during the last quarter. Swedbank AB lifted its holdings in shares of Progress Software by 144.2% during the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after purchasing an additional 280,195 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Progress Software by 530.5% in the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after purchasing an additional 221,336 shares during the period. Boston Trust Walden Corp increased its stake in Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Progress Software by 22.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after buying an additional 156,796 shares during the period.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Trading Down 1.1 %

Progress Software stock opened at $66.51 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $68.95. The company’s fifty day simple moving average is $63.91 and its 200-day simple moving average is $57.30. The stock has a market cap of $2.85 billion, a P/E ratio of 35.57, a P/E/G ratio of 8.39 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the prior year, the firm posted $0.90 EPS. The business’s revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer raised their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of “Buy” and a consensus target price of $67.67.

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.