Progress Software Co. (NASDAQ:PRGS) Holdings Lifted by Hsbc Holdings PLC

Hsbc Holdings PLC increased its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 260.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 103,592 shares of the software maker’s stock after purchasing an additional 74,864 shares during the quarter. Hsbc Holdings PLC’s holdings in Progress Software were worth $6,744,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PRGS. Virtu Financial LLC purchased a new position in shares of Progress Software during the third quarter valued at $1,626,000. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after buying an additional 43,936 shares in the last quarter. GAMMA Investing LLC increased its holdings in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Progress Software by 6.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after acquiring an additional 523 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in Progress Software by 4.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker’s stock valued at $2,008,000 after acquiring an additional 1,261 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. DA Davidson cut their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Jefferies Financial Group raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $74.33.

Progress Software Price Performance

Shares of Progress Software stock opened at $59.18 on Tuesday. The firm has a fifty day simple moving average of $55.86 and a 200-day simple moving average of $61.23. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 37.94, a PEG ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 EPS. On average, sell-side analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Activity at Progress Software

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. Insiders sold a total of 19,613 shares of company stock worth $1,107,403 in the last ninety days. 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.