Progress Software Corporation (NASDAQ:PRGS) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Progress Software Corporation (NASDAQ:PRGS) by 9.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,409 shares of the software maker’s stock after buying an additional 694 shares during the period. PNC Financial Services Group Inc.’s holdings in Progress Software were worth $433,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Natixis raised its position in shares of Progress Software by 287.1% during the 4th quarter. Natixis now owns 518,700 shares of the software maker’s stock valued at $33,793,000 after buying an additional 384,700 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Progress Software in the fourth quarter worth $15,432,000. Price T Rowe Associates Inc. MD grew its stake in shares of Progress Software by 468.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker’s stock worth $12,139,000 after purchasing an additional 153,517 shares in the last quarter. Mountain Pacific Investment Advisers LLC acquired a new position in shares of Progress Software during the first quarter worth $7,037,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 15.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock worth $49,642,000 after purchasing an additional 125,345 shares in the last quarter.

Progress Software Stock Performance

NASDAQ:PRGS opened at $44.95 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. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 2.18 and a beta of 0.70. The firm’s fifty day simple moving average is $53.69 and its 200 day simple moving average is $56.39. Progress Software Corporation has a twelve month low of $42.88 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm’s quarterly revenue was up 35.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. As a group, equities research analysts expect that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PRGS shares. Wall Street Zen cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Jefferies Financial Group restated a “hold” rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, June 27th. Citigroup lowered their target price on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Finally, DA Davidson lifted their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $73.33.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction dated Tuesday, July 8th. The shares were 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 of the company’s stock, valued at approximately $2,307,320.23. The trade was a 11.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rainer Gawlick acquired 1,710 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $43.48 per share, with a total value of $74,350.80. Following the transaction, the director owned 55,544 shares in the company, valued at approximately $2,415,053.12. The trade was a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.

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.