Progress Software Co. (NASDAQ:PRGS) Shares Bought by Assetmark Inc.

Assetmark Inc. lifted its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 10.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,097 shares of the software maker’s stock after purchasing an additional 286 shares during the period. Assetmark Inc.’s holdings in Progress Software were worth $209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new stake in Progress Software in the 2nd quarter worth about $27,000. GAMMA Investing LLC lifted its position in shares of 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 acquiring an additional 485 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Progress Software by 29.2% in 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 during the last quarter. EntryPoint Capital LLC increased its position in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software in the 2nd quarter valued at $160,000.

Progress Software Stock Performance

NASDAQ:PRGS opened at $66.51 on Friday. The company’s 50-day moving average is $63.91 and its two-hundred day moving average is $57.30. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 35.57, a PEG ratio of 8.59 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $68.95.

Progress Software (NASDAQ:PRGS) last issued 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. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts forecast that Progress Software Co. will post 3.96 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PRGS shares. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim boosted their price target 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. Oppenheimer increased their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Finally, DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $67.67.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 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.