Envestnet Asset Management Inc. Has $4.71 Million Stake in Progress Software Corporation (NASDAQ:PRGS)

Envestnet Asset Management Inc. decreased its position in Progress Software Corporation (NASDAQ:PRGS) by 3.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 91,480 shares of the software maker’s stock after selling 3,293 shares during the period. Envestnet Asset Management Inc. owned about 0.21% of Progress Software worth $4,712,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRGS. Bessemer Group Inc. boosted its stake in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after purchasing an additional 296 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Progress Software during the 4th quarter valued at $33,000. LPL Financial LLC acquired a new stake in shares of Progress Software during the 4th quarter valued at $248,000. GeoWealth Management LLC boosted its stake in shares of Progress Software by 637.6% during the 4th quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker’s stock valued at $253,000 after buying an additional 3,354 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Progress Software during the 4th quarter valued at $277,000.

Analyst Ratings Changes

A number of brokerages have issued reports on PRGS. DA Davidson lifted their target price on shares of Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 1st. Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Guggenheim reissued 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 reissued a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Finally, Wedbush reissued an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $73.33.

Progress Software Stock Up 1.0%

PRGS stock opened at $49.97 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 1 year low of $47.42 and a 1 year high of $70.56. The company has a fifty day simple moving average of $58.46 and a 200 day simple moving average of $57.91. The firm has a market cap of $2.15 billion, a PE ratio of 38.15, a PEG ratio of 2.34 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. During the same quarter in the previous year, the business earned $1.09 EPS. Progress Software’s quarterly revenue was up 35.6% compared to the same quarter last year. Sell-side analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, Director David Krall bought 5,125 shares of the business’s stock in a transaction on Wednesday, July 23rd. The stock was purchased at an average price of $48.90 per share, with a total value of $250,612.50. Following the transaction, the director directly owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares of the company’s stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

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.