Exchange Traded Concepts LLC Has $1.99 Million Stake in Progress Software Co. (NASDAQ:PRGS)

Exchange Traded Concepts LLC lifted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,559 shares of the software maker’s stock after purchasing an additional 559 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Progress Software were worth $1,991,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PRGS. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares in the last quarter. 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 buying an additional 280,195 shares in the last quarter. Marshall Wace LLP raised its position in Progress Software by 530.5% in the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after buying an additional 221,336 shares during the last quarter. Boston Trust Walden Corp lifted its stake in 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 in the last quarter. Finally, F M Investments LLC bought a new position in shares of Progress Software during the 2nd quarter worth approximately $6,684,000.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer raised their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. DA Davidson upped their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Monday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $66.00.

Progress Software Stock Performance

PRGS opened at $66.62 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.48. The business has a 50 day moving average of $59.83 and a 200-day moving average of $54.90. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 40.62, a PEG ratio of 8.44 and a beta of 0.92.

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, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts expect that Progress Software Co. will post 3.95 earnings per share 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.