Allspring Global Investments Holdings LLC Purchases 99,479 Shares of Progress Software Co. (NASDAQ:PRGS)

Allspring Global Investments Holdings LLC raised its position in Progress Software Co. (NASDAQ:PRGS) by 11.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 964,599 shares of the software maker’s stock after purchasing an additional 99,479 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Progress Software were worth $64,985,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares in the last quarter. GAMMA Investing LLC increased its stake in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the second quarter worth $27,000. Exchange Traded Concepts LLC increased its position in shares of Progress Software by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after acquiring an additional 559 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its position in shares of 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 acquiring an additional 602 shares in the last quarter.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRGS. Guggenheim increased their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Jefferies Financial Group lowered 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. Finally, Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.00.

Progress Software Stock Down 0.8 %

Progress Software stock opened at $65.38 on Tuesday. The company has a market cap of $2.80 billion, a P/E ratio of 39.87, a price-to-earnings-growth ratio of 8.38 and a beta of 0.92. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $67.89. The company has a fifty day simple moving average of $60.46 and a 200 day simple moving average of $55.21. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share. Research analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.40% of the company’s stock.

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.