Leuthold Group LLC Buys 371,026 Shares of Progress Software Co. (NASDAQ:PRGS)

Leuthold Group LLC grew its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 958.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 409,752 shares of the software maker’s stock after acquiring an additional 371,026 shares during the quarter. Progress Software makes up about 3.0% of Leuthold Group LLC’s portfolio, making the stock its biggest position. Leuthold Group LLC’s holdings in Progress Software were worth $27,605,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after buying an additional 312,537 shares during the period. Swedbank AB grew its stake in Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after purchasing an additional 280,195 shares in the last quarter. Marshall Wace LLP increased its position in Progress Software by 530.5% in the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares during the last quarter. Boston Trust Walden Corp grew its stake in shares of Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 shares in the last quarter. Finally, F M Investments LLC bought a new stake in shares of Progress Software in the 2nd quarter valued at approximately $6,684,000.

Analyst Upgrades and Downgrades

Several research firms have commented on PRGS. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.67.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,844 shares of company stock valued at $656,550 in the last ninety days. Company insiders own 3.40% of the company’s stock.

Progress Software Trading Down 0.3 %

Progress Software stock opened at $64.90 on Monday. The business’s 50-day simple moving average is $61.34 and its 200-day simple moving average is $55.71. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $67.89. The firm has a market capitalization of $2.78 billion, a PE ratio of 39.57, a PEG ratio of 8.28 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 issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. Equities research analysts forecast that Progress Software Co. will post 3.95 earnings per share for the current year.

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.