Nisa Investment Advisors LLC Has $84,000 Holdings in Progress Software Corporation (NASDAQ:PRGS)

Nisa Investment Advisors LLC increased its position in Progress Software Corporation (NASDAQ:PRGS) by 25.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,629 shares of the software maker’s stock after purchasing an additional 326 shares during the period. Nisa Investment Advisors LLC’s holdings in Progress Software were worth $84,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after buying an additional 45,246 shares during the period. Geode Capital Management LLC boosted its position in Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock worth $66,039,000 after acquiring an additional 4,927 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Progress Software by 15.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after acquiring an additional 125,345 shares in the last quarter. Invesco Ltd. grew its stake in Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock valued at $52,284,000 after acquiring an additional 5,474 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker’s stock valued at $51,410,000 after acquiring an additional 82,156 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PRGS. Wall Street Zen cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. DA Davidson lifted their target price on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 1st. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup lowered their price target on Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.33.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the firm’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the sale, the chief financial officer owned 43,559 shares in the company, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Progress Software Trading Down 2.6%

Shares of NASDAQ PRGS opened at $47.47 on Friday. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 2.31 and a beta of 0.68. The business has a 50 day simple moving average of $59.52 and a 200 day simple moving average of $58.35. Progress Software Corporation has a 52 week low of $47.42 and a 52 week high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to analysts’ expectations of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company’s revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.09 earnings per share. On average, research analysts predict that Progress Software Corporation will post 4.01 earnings per share 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.