LPL Financial LLC Acquires 44,298 Shares of Progress Software Corporation $PRGS

LPL Financial LLC raised its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 1,161.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 48,112 shares of the software maker’s stock after acquiring an additional 44,298 shares during the period. LPL Financial LLC owned approximately 0.11% of Progress Software worth $2,478,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after purchasing an additional 125,345 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Progress Software by 11.6% in 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 during the last quarter. Systematic Financial Management LP raised its position in shares of Progress Software by 1.8% in the 4th quarter. Systematic Financial Management LP now owns 554,133 shares of the software maker’s stock valued at $36,102,000 after acquiring an additional 9,716 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Progress Software by 6.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 520,885 shares of the software maker’s stock valued at $33,936,000 after acquiring an additional 30,883 shares during the period. Finally, Northern Trust Corp boosted its stake in Progress Software by 8.0% during the 4th quarter. Northern Trust Corp now owns 504,123 shares of the software maker’s stock worth $32,844,000 after acquiring an additional 37,442 shares during the last quarter.

Wall Street Analysts Forecast Growth

PRGS has been the topic of several analyst reports. DA Davidson increased their target price on shares of Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Wedbush reiterated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, Citigroup lowered their target price on Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and an average price target of $73.33.

Insider Buying and Selling at Progress Software

In related news, Director Rainer Gawlick purchased 1,710 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was purchased at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the completion of the purchase, the director directly owned 55,544 shares in the company, valued at $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Krall purchased 5,125 shares of the stock in a transaction on Wednesday, July 23rd. The shares were bought at an average cost of $48.90 per share, for a total transaction 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 disclosure for this purchase can be found here. Company insiders own 3.60% of the company’s stock.

Progress Software Stock Performance

PRGS opened at $45.56 on Tuesday. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 34.78, a P/E/G ratio of 2.16 and a beta of 0.70. The business’s 50-day moving average price is $52.95 and its two-hundred day moving average price is $56.23. Progress Software Corporation has a 1 year low of $42.88 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick 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, beating analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same quarter last year, the firm earned $1.09 EPS. Progress Software’s revenue for the quarter was up 35.6% compared to the same quarter last year. Equities analysts expect that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

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.