Progress Software Co. (NASDAQ:PRGS) Shares Bought by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC grew its holdings in Progress Software Co. (NASDAQ:PRGS) by 25.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,366 shares of the software maker’s stock after acquiring an additional 2,942 shares during the quarter. Schonfeld Strategic Advisors LLC’s holdings in Progress Software were worth $936,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Pacer Advisors Inc. boosted its stake in Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after buying an additional 45,246 shares during the last quarter. Principal Financial Group Inc. increased its position 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 acquiring an additional 43,936 shares during the period. Sei Investments Co. raised its stake in Progress Software by 22.7% in the 4th quarter. Sei Investments Co. now owns 65,952 shares of the software maker’s stock worth $4,297,000 after acquiring an additional 12,191 shares during the last quarter. Finally, Amundi lifted its position in Progress Software by 110.5% during the 4th quarter. Amundi now owns 25,117 shares of the software maker’s stock worth $1,594,000 after acquiring an additional 13,187 shares during the period.

Progress Software Stock Up 1.3 %

Shares of NASDAQ PRGS opened at $61.83 on Friday. The stock has a market cap of $2.66 billion, a PE ratio of 39.63, a P/E/G ratio of 2.82 and a beta of 0.67. 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 12-month low of $48.00 and a 12-month high of $70.56. The company has a 50-day moving average of $56.71 and a 200 day moving average of $60.99.

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

Insider Activity

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 703 shares of the stock in a transaction dated 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 position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRGS. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Wedbush reiterated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup boosted their target price 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. Finally, DA Davidson cut their price target on Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.33.

Progress Software 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.