Los Angeles Capital Management LLC Buys New Holdings in Progress Software Co. (NASDAQ:PRGS)

Los Angeles Capital Management LLC purchased a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,345 shares of the software maker’s stock, valued at approximately $225,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System increased its stake in Progress Software by 63.0% in the first 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 acquiring an additional 13,185 shares during the period. DekaBank Deutsche Girozentrale grew its stake in shares of Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares during the period. Swedbank AB acquired a new position in shares of Progress Software in the 1st quarter worth approximately $10,356,000. Wedge Capital Management L L P NC bought a new position in shares of Progress Software during the 2nd quarter worth approximately $1,692,000. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in Progress Software in the 2nd quarter valued at $494,000.

Progress Software Trading Down 0.5 %

Shares of NASDAQ PRGS opened at $66.16 on Tuesday. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $68.95. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a 50-day moving average of $64.11 and a two-hundred day moving average of $57.46. The company has a market cap of $2.84 billion, a PE ratio of 35.38, a P/E/G ratio of 8.39 and a beta of 0.92.

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

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on 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 in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRGS shares. Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, Guggenheim increased their price target 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 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’s stock. Based on data from MarketBeat, Progress Software presently has an average rating of “Buy” and a consensus target price of $67.67.

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.