GHP Investment Advisors Inc. Raises Position in Progress Software Co. (NASDAQ:PRGS)

GHP Investment Advisors Inc. increased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 12.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 100,380 shares of the software maker’s stock after buying an additional 11,138 shares during the period. GHP Investment Advisors Inc.’s holdings in Progress Software were worth $6,763,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Progress Software by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after buying an additional 312,537 shares during the last quarter. FORA Capital LLC raised its stake in shares of Progress Software by 188.7% during the 1st quarter. FORA Capital LLC now owns 22,263 shares of the software maker’s stock worth $1,187,000 after buying an additional 14,551 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Progress Software by 3.9% in the 1st quarter. Whittier Trust Co. now owns 83,998 shares of the software maker’s stock valued at $4,478,000 after buying an additional 3,125 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Progress Software by 5.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 42,132 shares of the software maker’s stock worth $2,246,000 after acquiring an additional 2,102 shares during the period.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated 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 approximately $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,844 shares of company stock worth $656,550 over the last quarter. 3.40% of the stock is currently owned by insiders.

Progress Software Price Performance

Shares of PRGS traded down $0.22 during trading hours on Friday, reaching $64.90. 416,427 shares of the company traded hands, compared to its average volume of 505,984. The stock has a fifty day simple moving average of $61.34 and a 200 day simple moving average of $55.64. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $67.89. The stock has a market capitalization of $2.78 billion, a PE ratio of 34.71, a price-to-earnings-growth ratio of 8.28 and a beta of 0.92. 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 (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million for 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%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PRGS shares. Guggenheim lifted their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer boosted their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.67.

About Progress Software

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.