Virtu Financial LLC Invests $1.63 Million in Progress Software Co. (NASDAQ:PRGS)

Virtu Financial LLC bought a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 24,142 shares of the software maker’s stock, valued at approximately $1,626,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its holdings in Progress Software by 114.1% during the second quarter. SG Americas Securities LLC now owns 18,115 shares of the software maker’s stock worth $983,000 after purchasing an additional 9,653 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in Progress Software in the second quarter valued at $1,692,000. Swedbank AB grew its holdings in shares of Progress Software by 144.2% during the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after purchasing an additional 280,195 shares during the last quarter. Blue Trust Inc. increased its position in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. Finally, Boston Trust Walden Corp increased its position in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares in the last quarter.

Progress Software Trading Up 0.5 %

Shares of PRGS stock opened at $69.63 on Friday. The stock has a market cap of $2.99 billion, a P/E ratio of 37.24, a P/E/G ratio of 7.39 and a beta of 0.92. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The business has a fifty day simple moving average of $66.95 and a 200-day simple moving average of $59.55.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PRGS. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer boosted their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. DA Davidson boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Guggenheim increased their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of “Buy” and an average price target of $67.67.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of Progress Software 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 completion of the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the company’s 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 in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

About Progress Software

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.