Royce & Associates LP Has $3.94 Million Position in Progress Software Co. (NASDAQ:PRGS)

Royce & Associates LP cut its position in shares of Progress Software Co. (NASDAQ:PRGS) by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,437 shares of the software maker’s stock after selling 6,854 shares during the quarter. Royce & Associates LP’s holdings in Progress Software were worth $3,937,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software during the 2nd quarter worth approximately $27,000. GAMMA Investing LLC boosted its stake in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares in the last quarter. Blue Trust Inc. increased its holdings in Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the period. EntryPoint Capital LLC raised its stake in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Progress Software during the 2nd quarter worth about $160,000.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the company’s 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 owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was 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 owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of analyst reports. Guggenheim upped 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. Oppenheimer upped their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson boosted their price target on Progress Software from $65.00 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 research report on Wednesday, October 30th. Finally, Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Price Performance

Shares of PRGS stock opened at $66.16 on Tuesday. The stock’s fifty day moving average is $64.11 and its 200-day moving average is $57.46. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $68.95. The stock has a market capitalization of $2.84 billion, a PE ratio of 35.38, a PEG ratio of 8.39 and a beta of 0.92.

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

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.