DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Buys New Holdings in Progress Software Co. (NASDAQ:PRGS)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Progress Software Co. (NASDAQ:PRGS) in the fourth quarter, Holdings Channel reports. The fund purchased 10,626 shares of the software maker’s stock, valued at approximately $692,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its holdings in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Progress Software by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock valued at $290,000 after buying an additional 239 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Progress Software by 0.3% in the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock valued at $6,248,000 after acquiring an additional 281 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares during the period. Finally, Avantax Advisory Services Inc. grew its position in shares of Progress Software by 5.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after acquiring an additional 317 shares during the last quarter.

Insider Buying and Selling

In related news, insider Ian Pitt sold 703 shares of the business’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider now directly owns 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated 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 own 3.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PRGS shares. Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. DA Davidson cut their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Citigroup lifted their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.33.

Progress Software Stock Performance

NASDAQ:PRGS opened at $60.90 on Monday. The firm’s fifty day simple moving average is $56.83 and its 200-day simple moving average is $60.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.62 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. Analysts expect that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

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.