Arrowstreet Capital Limited Partnership Buys 102,439 Shares of Progress Software Corporation $PRGS

Arrowstreet Capital Limited Partnership boosted its position in Progress Software Corporation (NASDAQ:PRGS) by 56.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,931 shares of the software maker’s stock after buying an additional 102,439 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.66% of Progress Software worth $18,190,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PRGS. DLD Asset Management LP grew its stake in Progress Software by 31.5% in the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock valued at $2,745,120,000 after acquiring an additional 10,300,000 shares during the period. Boston Trust Walden Corp grew its position in Progress Software by 1.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker’s stock valued at $114,703,000 after purchasing an additional 32,874 shares during the period. Geode Capital Management LLC grew its position in Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock valued at $68,155,000 after purchasing an additional 5,187 shares during the period. Swedbank AB increased its stake in Progress Software by 65.8% during the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after purchasing an additional 289,122 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Progress Software by 29.1% during the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock worth $34,650,000 after buying an additional 151,800 shares during the last quarter.

Progress Software Price Performance

PRGS opened at $43.54 on Monday. Progress Software Corporation has a fifty-two week low of $39.00 and a fifty-two week high of $69.88. The firm has a 50-day moving average of $43.50 and a 200 day moving average of $48.58. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a market cap of $1.87 billion, a P/E ratio of 39.58, a PEG ratio of 1.92 and a beta of 0.64.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, September 29th. The software maker reported $1.50 EPS for the quarter, topping the consensus estimate of $1.30 by $0.20. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The business had revenue of $249.80 million for the quarter, compared to analyst estimates of $240.11 million. During the same quarter in the previous year, the firm posted $1.26 earnings per share. The company’s revenue for the quarter was up 39.8% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS and its Q4 2025 guidance at 1.290-1.350 EPS. On average, research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. DA Davidson reiterated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, September 30th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Monday, October 13th. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, September 30th. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Finally, Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,474 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total transaction of $254,376.78. Following the completion of the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. This represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the transaction, the insider directly owned 668 shares in the company, valued at $30,901.68. This represents a 68.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,311 shares of company stock worth $339,332. 3.60% of the stock is owned by company insiders.

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.