EP Wealth Advisors LLC Buys Shares of 6,023 Progress Software Co. (NASDAQ:PRGS)

EP Wealth Advisors LLC acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,023 shares of the software maker’s stock, valued at approximately $406,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Boston Trust Walden Corp lifted its stake in Progress Software by 10.9% during the second 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 during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Progress Software by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after purchasing an additional 34,318 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after buying an additional 43,936 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after buying an additional 99,479 shares in the last quarter. Finally, Seizert Capital Partners LLC boosted its stake in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after buying an additional 20,355 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRGS. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Progress Software has an average rating of “Buy” and an average price target of $67.67.

Insider Buying and Selling

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

Progress Software Trading Up 0.5 %

Shares of NASDAQ:PRGS opened at $69.63 on Friday. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The business’s 50 day moving average price is $66.95 and its 200-day moving average price is $59.55. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth ratio of 7.36 and a beta of 0.92.

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

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.