LSV Asset Management Increases Position in Progress Software Corporation $PRGS

LSV Asset Management raised its position in Progress Software Corporation (NASDAQ:PRGS) by 171.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 981,800 shares of the software maker’s stock after purchasing an additional 619,800 shares during the period. LSV Asset Management’s holdings in Progress Software were worth $42,178,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Diamond Hill Capital Management Inc. increased its position in shares of Progress Software by 145.3% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after purchasing an additional 275,205 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in shares of Progress Software by 19.4% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 643,145 shares of the software maker’s stock valued at $28,253,000 after purchasing an additional 104,611 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Progress Software in the 3rd quarter valued at approximately $5,175,000. Dana Investment Advisors Inc. purchased a new stake in shares of Progress Software in the 4th quarter valued at approximately $6,011,000. Finally, Heron Bay Capital Management increased its position in shares of Progress Software by 117.1% in the 3rd quarter. Heron Bay Capital Management now owns 254,311 shares of the software maker’s stock valued at $11,172,000 after purchasing an additional 137,189 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wedbush dropped their price objective on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. DA Davidson lowered their target price on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Jefferies Financial Group lowered their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Finally, Citigroup lowered their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, April 1st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $52.50.

Progress Software Stock Performance

Shares of Progress Software stock opened at $29.78 on Monday. The company has a fifty day simple moving average of $28.99 and a 200-day simple moving average of $37.02. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $65.50. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 1.27 and a beta of 0.78.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $246.40 million. During the same quarter in the prior year, the business posted $1.31 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Progress Software Corporation will post 4.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 1,600 shares of the stock in a transaction on Wednesday, March 11th. The shares were 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 $594,947.76. This represents a 9.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.10% of the stock is currently owned by corporate insiders.

Progress Software Profile

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.