GHP Investment Advisors Inc. Boosts Stock Position in Progress Software Co. (NASDAQ:PRGS)

GHP Investment Advisors Inc. raised its stake in Progress Software Co. (NASDAQ:PRGS) by 12.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,380 shares of the software maker’s stock after acquiring an additional 11,138 shares during the period. GHP Investment Advisors Inc. owned approximately 0.23% of Progress Software worth $6,763,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Progress Software by 1.7% in the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after purchasing an additional 95,594 shares during the last quarter. Boston Trust Walden Corp lifted its stake 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 worth $106,713,000 after purchasing an additional 192,899 shares during the period. Dimensional Fund Advisors LP raised its position in Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after acquiring an additional 34,318 shares during the period. Allspring Global Investments Holdings LLC lifted its position 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 valued at $64,985,000 after purchasing an additional 99,479 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Progress Software by 4.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after buying an additional 19,256 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Guggenheim upped their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. 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 report on Wednesday, September 25th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Oppenheimer increased their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.67.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded down $0.22 during mid-day trading on Friday, hitting $64.90. The stock had a trading volume of 416,427 shares, compared to its average volume of 505,984. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $67.89. The firm has a market cap of $2.78 billion, a PE ratio of 34.71, a PEG ratio of 8.28 and a beta of 0.92. The company has a 50 day moving average of $61.34 and a two-hundred day moving average of $55.64.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS 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 company had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the prior year, the company earned $0.90 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. Research analysts predict that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 in the company, valued at approximately $206,076.69. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related 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 transaction of $525,439.83. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the 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 owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,844 shares of company stock valued at $656,550 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

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.