GAMMA Investing LLC Has $2.43 Million Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

GAMMA Investing LLC lifted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 2,620.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,235 shares of the software maker’s stock after buying an additional 45,499 shares during the period. GAMMA Investing LLC owned about 0.11% of Progress Software worth $2,433,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PRGS. Moody National Bank Trust Division lifted its position in Progress Software by 17.7% during the first quarter. Moody National Bank Trust Division now owns 22,240 shares of the software maker’s stock worth $1,146,000 after acquiring an additional 3,341 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Progress Software in the fourth quarter valued at approximately $7,966,000. Mackenzie Financial Corp increased its stake in Progress Software by 22.2% in the fourth quarter. Mackenzie Financial Corp now owns 36,562 shares of the software maker’s stock valued at $2,382,000 after acquiring an additional 6,640 shares during the last quarter. Orion Capital Management LLC bought a new position in Progress Software in the fourth quarter valued at approximately $33,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progress Software by 17.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,639 shares of the software maker’s stock valued at $9,293,000 after acquiring an additional 21,289 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson decreased their target price on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $74.33.

Progress Software Stock Performance

NASDAQ PRGS opened at $63.24 on Friday. The firm’s fifty day moving average price is $60.30 and its two-hundred day moving average price is $60.30. The stock has a market cap of $2.72 billion, a PE ratio of 40.54, a PEG ratio of 2.82 and a beta of 0.67. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. 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 results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 earnings per share. On average, equities analysts expect that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ian Pitt sold 703 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.

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.