Delphi Management Inc. MA Acquires 9,127 Shares of Progress Software Co. (NASDAQ:PRGS)

Delphi Management Inc. MA grew its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 40.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,480 shares of the software maker’s stock after buying an additional 9,127 shares during the quarter. Delphi Management Inc. MA owned approximately 0.07% of Progress Software worth $1,708,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Blue Trust Inc. raised its position in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares in the last quarter. US Bancorp DE raised its holdings in shares of Progress Software by 2.2% in the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock valued at $1,016,000 after purchasing an additional 404 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the 2nd quarter valued at about $27,000. Hudson Edge Investment Partners Inc. lifted its stake in Progress Software by 5.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 11,159 shares of the software maker’s stock valued at $606,000 after purchasing an additional 569 shares during the last quarter. Finally, Rehmann Capital Advisory Group grew its holdings in Progress Software by 9.7% during the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock worth $362,000 after purchasing an additional 602 shares during the period.

Wall Street Analysts Forecast Growth

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

Progress Software Stock Performance

NASDAQ PRGS opened at $67.37 on Tuesday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.40. The firm has a 50-day moving average price of $57.90 and a two-hundred day moving average price of $53.90. The company 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 company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

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

Insider Activity at Progress Software

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

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.