New Age Alpha Advisors LLC Purchases New Holdings in Progress Software Co. (NASDAQ:PRGS)

New Age Alpha Advisors LLC acquired a new stake in shares of Progress Software Co. (NASDAQ:PRGS) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,257 shares of the software maker’s stock, valued at approximately $277,000.

Other hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its holdings in shares of Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the period. GAMMA Investing LLC grew its position in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after buying an additional 619 shares during the last quarter. TD Private Client Wealth LLC increased its stake in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the period. Blue Trust Inc. raised its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after acquiring an additional 719 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, Wedbush restated an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.17.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock valued at $984,621 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Up 12.1 %

PRGS opened at $57.76 on Wednesday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The business’s fifty day moving average is $55.72 and its two-hundred day moving average is $62.08.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 EPS. Analysts anticipate that Progress Software Co. will post 4.01 EPS for the current fiscal year.

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.