16,959 Shares in Progress Software Co. (NASDAQ:PRGS) Bought by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC acquired a new stake in Progress Software Co. (NASDAQ:PRGS) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,959 shares of the software maker’s stock, valued at approximately $1,105,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after acquiring an additional 301 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after acquiring an additional 394 shares in the last quarter. Finally, KBC Group NV boosted its holdings in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PRGS shares. Jefferies Financial Group upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup increased their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Wedbush reissued an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.17.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $54.68 on Wednesday. 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 firm’s 50-day moving average price is $55.88 and its two-hundred day moving average price is $61.99. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The stock has a market capitalization of $2.35 billion, a P/E ratio of 35.05, a P/E/G ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. As a group, sell-side analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 703 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares of the company’s stock, valued at approximately $468,163.93. This trade represents a 7.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 18,185 shares of company stock worth $1,024,193 in the last ninety days. 3.40% of the stock is 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.