Handelsbanken Fonder AB Grows Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Handelsbanken Fonder AB lifted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 19.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,216 shares of the software maker’s stock after purchasing an additional 1,500 shares during the period. Handelsbanken Fonder AB’s holdings in Progress Software were worth $621,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the 2nd quarter worth approximately $27,000. Blue Trust Inc. raised its position in shares of Progress Software by 29.2% in the 2nd 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. EntryPoint Capital LLC lifted its stake in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the period. Quest Partners LLC bought a new stake in shares of Progress Software during the second quarter valued at approximately $160,000. Finally, Neo Ivy Capital Management purchased a new stake in Progress Software in the second quarter worth $204,000.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRGS shares. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 3rd. DA Davidson upped their price target 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, Jefferies Financial Group reduced their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.00.

Progress Software Trading Up 0.2 %

NASDAQ:PRGS opened at $65.35 on Monday. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 39.85, a PEG ratio of 8.44 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company’s 50 day moving average price is $59.39 and its 200-day moving average price is $54.72. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $67.48.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 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 for the quarter, compared to the consensus estimate of $176.16 million. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts forecast that Progress Software Co. will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.