Arrowstreet Capital Limited Partnership Has $13.58 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Arrowstreet Capital Limited Partnership increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 228.0% during the fourth quarter, HoldingsChannel reports. The fund owned 208,450 shares of the software maker’s stock after buying an additional 144,892 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Progress Software were worth $13,581,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PRGS. Assetmark Inc. raised its stake in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares during the period. TD Private Client Wealth LLC increased its stake in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Progress Software by 5.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after buying an additional 317 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after acquiring an additional 394 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after acquiring an additional 523 shares during the last quarter.

Analysts Set New Price Targets

PRGS has been the subject of several recent research reports. Citigroup increased their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Tuesday. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

Shares of PRGS stock opened at $56.17 on Friday. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88. The company has a 50-day simple moving average of $55.89 and a 200 day simple moving average of $62.02. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. On average, sell-side analysts predict that Progress Software Co. will post 4.01 earnings per share for the current 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.