Creative Planning Acquires 1,300 Shares of Progress Software Co. (NASDAQ:PRGS)

Creative Planning grew its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 20.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,774 shares of the software maker’s stock after buying an additional 1,300 shares during the quarter. Creative Planning’s holdings in Progress Software were worth $524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Entropy Technologies LP bought a new stake in Progress Software during the 1st quarter worth about $480,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Progress Software by 63.0% in the 1st 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 purchasing an additional 13,185 shares during the period. DekaBank Deutsche Girozentrale raised its holdings 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 bought a new stake in shares of Progress Software in the 1st quarter valued at about $10,356,000. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Progress Software in the 2nd quarter valued at about $1,692,000.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the 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 transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.

Progress Software Stock Up 1.3 %

Shares of PRGS opened at $64.77 on Wednesday. The firm’s 50-day simple moving average is $62.22 and its 200 day simple moving average is $56.29. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $67.89. The firm has a market cap of $2.78 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 8.14 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its 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. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was up 1.7% compared to the same quarter last year. On average, analysts forecast that Progress Software Co. will post 3.95 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim upped their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. 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. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer upped their price target 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. 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. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $67.67.

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.