Legato Capital Management LLC Acquires New Holdings in Progress Software Corporation $PRGS

Legato Capital Management LLC acquired a new stake in Progress Software Corporation (NASDAQ:PRGS) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 21,201 shares of the software maker’s stock, valued at approximately $911,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. ProShare Advisors LLC grew its position in shares of Progress Software by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock valued at $358,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System boosted its position in Progress Software by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after acquiring an additional 333 shares during the last quarter. Amalgamated Bank boosted its position in Progress Software by 3.4% during the 3rd quarter. Amalgamated Bank now owns 12,671 shares of the software maker’s stock worth $557,000 after acquiring an additional 422 shares during the last quarter. Advisory Research Inc. boosted its position in Progress Software by 3.8% during the 3rd quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock worth $668,000 after acquiring an additional 562 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in Progress Software by 1.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker’s stock worth $2,055,000 after acquiring an additional 601 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PRGS. DA Davidson reduced their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Oppenheimer reduced their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Jefferies Financial Group reduced their price target on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Finally, Wedbush reduced their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 21,594 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total transaction of $813,014.10. Following the transaction, the executive vice president directly owned 15,542 shares in the company, valued at approximately $585,156.30. The trade was a 58.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.

Progress Software Price Performance

Shares of PRGS opened at $29.78 on Tuesday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 1.27 and a beta of 0.78. Progress Software Corporation has a 1-year low of $23.82 and a 1-year high of $65.50. The company’s fifty day simple moving average is $28.87 and its 200 day simple moving average is $36.93. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $246.40 million. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.31 earnings per share. On average, research analysts forecast that Progress Software Corporation will post 4.68 earnings per share for the current fiscal year.

Progress Software Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.