500 Shares in Progress Software Co. (NASDAQ:PRGS) Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board bought a new stake in Progress Software Co. (NASDAQ:PRGS) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 500 shares of the software maker’s stock, valued at approximately $27,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Progress Software by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the period. Entropy Technologies LP acquired a new position in Progress Software during the 1st quarter worth about $480,000. State Board of Administration of Florida Retirement System grew its position in shares of Progress Software by 63.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after buying an additional 13,185 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Progress Software by 4.1% in the first 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 during the period. Finally, Swedbank AB bought a new position in shares of Progress Software during the first quarter worth about $10,356,000.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $67.37 on Tuesday. The firm has a market capitalization of $2.88 billion, a P/E ratio of 41.08, a P/E/G ratio of 7.32 and a beta of 0.91. The firm’s 50-day moving average price is $57.90 and its 200-day moving average price is $53.90. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $67.40.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.35% and a net margin of 11.55%. The business had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the business earned $0.90 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts anticipate that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold a total of 10,845 shares of company stock worth $607,170 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 25th. Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Finally, Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software has an average rating of “Buy” and a consensus price target of $66.00.

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.