Progress Software Corporation $PRGS Shares Acquired by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lifted its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 37.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 124,750 shares of the software maker’s stock after acquiring an additional 33,800 shares during the period. Hillsdale Investment Management Inc.’s holdings in Progress Software were worth $5,359,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Progress Software by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock worth $50,044,000 after buying an additional 20,669 shares during the period. Geode Capital Management LLC boosted its position in shares of Progress Software by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock worth $46,468,000 after buying an additional 6,095 shares during the period. LSV Asset Management boosted its position in shares of Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after buying an additional 619,800 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Progress Software by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 675,946 shares of the software maker’s stock worth $43,152,000 after buying an additional 3,261 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Progress Software by 1.0% during the third quarter. American Century Companies Inc. now owns 648,792 shares of the software maker’s stock worth $28,501,000 after buying an additional 6,145 shares during the period.

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 1,600 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the completion of the sale, the executive vice president owned 15,542 shares in the company, valued at approximately $594,947.76. This represents a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. DA Davidson reduced their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Oppenheimer cut their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Jefferies Financial Group cut their target price on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Finally, Wedbush cut their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Progress Software Stock Performance

PRGS opened at $32.83 on Friday. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 1.40 and a beta of 0.78. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. Progress Software Corporation has a 1-year low of $23.82 and a 1-year high of $65.50. The business has a 50 day moving average price of $28.65 and a two-hundred day moving average price of $36.64.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. The firm had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.31 earnings per share. Research analysts predict that Progress Software Corporation will post 4.68 EPS for the current fiscal year.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.