GAMMA Investing LLC Raises Position in Progress Software Corporation $PRGS

GAMMA Investing LLC lifted its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 59.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,463 shares of the software maker’s stock after purchasing an additional 546 shares during the period. GAMMA Investing LLC’s holdings in Progress Software were worth $93,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. increased its stake in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares during the period. Nisa Investment Advisors LLC increased its stake in Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock valued at $84,000 after purchasing an additional 326 shares during the period. Parisi Gray Wealth Management acquired a new position in Progress Software in the second quarter valued at $204,000. Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new position in Progress Software in the first quarter valued at $206,000. Finally, Dakota Wealth Management acquired a new position in Progress Software in the first quarter valued at $224,000.

Insider Activity

In related news, Director David Krall acquired 5,125 shares of Progress Software stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the purchase, the director directly owned 100,090 shares of the company’s stock, valued at $4,894,401. The trade was a 5.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rainer Gawlick bought 1,710 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were acquired at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the completion of the acquisition, the director directly owned 55,544 shares of the company’s stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

Shares of PRGS stock opened at $46.32 on Friday. Progress Software Corporation has a one year low of $40.29 and a one year high of $70.56. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.43 and a current ratio of 0.44. The company has a 50 day moving average price of $44.60 and a 200 day moving average price of $53.41. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 42.11, a price-to-earnings-growth ratio of 2.06 and a beta of 0.67.

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, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The company had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. During the same period in the previous year, the firm earned $1.09 earnings per share. Progress Software’s revenue for the quarter was up 35.6% on a year-over-year basis. Sell-side analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current year.

Wall Street Analyst Weigh In

PRGS has been the topic of several analyst reports. Jefferies Financial Group lowered their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.00.

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.