Progress Software Co. (NASDAQ:PRGS) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 4.4% during the third quarter, Holdings Channel.com reports. The firm owned 1,045,240 shares of the software maker’s stock after buying an additional 43,936 shares during the quarter. Principal Financial Group Inc.’s holdings in Progress Software were worth $70,418,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of PRGS. Canada Pension Plan Investment Board acquired a new position in Progress Software during the 2nd quarter valued at about $27,000. GAMMA Investing LLC increased its stake in shares of Progress Software by 76.7% during 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 during the period. TD Private Client Wealth LLC raised its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares in the last quarter. Quest Partners LLC acquired a new stake in Progress Software in the second quarter worth approximately $160,000. Finally, Prudent Man Advisors LLC bought a new position in Progress Software during the 3rd quarter valued at $201,000.

Analyst Ratings Changes

PRGS has been the topic of a number of research reports. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. 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 report on Tuesday, October 22nd. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. DA Davidson increased their target price 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. Finally, Guggenheim lifted 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $67.67.

Progress Software Trading Up 0.7 %

NASDAQ PRGS opened at $66.38 on Friday. The firm’s 50 day moving average price is $67.14 and its two-hundred day moving average price is $60.28. 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 Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 7.35 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating 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 firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the previous year, the firm earned $0.90 earnings per share. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts anticipate that Progress Software Co. will post 3.96 EPS for the current year.

Insider Buying and Selling

In other 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 completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred 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 owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software 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.