Crossmark Global Holdings Inc. Acquires New Holdings in Progress Software Co. (NASDAQ:PRGS)

Crossmark Global Holdings Inc. bought a new stake in Progress Software Co. (NASDAQ:PRGS) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 3,467 shares of the software maker’s stock, valued at approximately $233,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. lifted its position in shares of Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after buying an additional 286 shares in the last quarter. Blue Trust Inc. grew its holdings in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares in the last quarter. GAMMA Investing LLC increased its position in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the 2nd quarter worth $27,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Progress Software by 1.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after buying an additional 559 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRGS. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Guggenheim boosted their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer raised their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Progress Software currently has an average rating of “Buy” and an average target price of $67.67.

Progress Software Stock Down 0.5 %

Shares of PRGS opened at $66.16 on Tuesday. The firm has a fifty day moving average price of $64.11 and a 200-day moving average price of $57.46. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $2.84 billion, a P/E ratio of 35.38, a P/E/G ratio of 8.39 and a beta of 0.92. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $68.95.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. Equities research analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company 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.