Progress Software Co. (NASDAQ:PRGS) Stock Position Raised by Leuthold Group LLC

Leuthold Group LLC raised its holdings in Progress Software Co. (NASDAQ:PRGS) by 958.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 409,752 shares of the software maker’s stock after purchasing an additional 371,026 shares during the period. Progress Software comprises approximately 3.0% of Leuthold Group LLC’s holdings, making the stock its largest holding. Leuthold Group LLC owned about 0.96% of Progress Software worth $27,605,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Progress Software by 1.7% in the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after buying an additional 95,594 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after acquiring an additional 34,318 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Progress Software by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after purchasing an additional 19,256 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer increased their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 22nd. DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $67.67.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,844 shares of company stock worth $656,550 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $64.90 on Monday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89. The company has a market cap of $2.78 billion, a PE ratio of 39.57, a P/E/G ratio of 8.28 and a beta of 0.92. The stock has a 50 day simple moving average of $61.34 and a 200-day simple moving average of $55.71. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. On average, equities research analysts forecast that Progress Software Co. will post 3.95 EPS for the current 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.