New Age Alpha Advisors LLC Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

New Age Alpha Advisors LLC purchased a new position in shares of Progress Software Co. (NASDAQ:PRGS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,257 shares of the software maker’s stock, valued at approximately $277,000.

A number of other institutional investors have also modified their holdings of the company. Assetmark Inc. boosted its holdings in Progress Software by 6.6% during the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after acquiring an additional 204 shares during the period. TD Private Client Wealth LLC lifted its position in shares of 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. Avantax Advisory Services Inc. boosted its stake in shares of Progress Software by 5.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock valued at $405,000 after purchasing an additional 317 shares during the period. Blue Trust Inc. grew its holdings in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after buying an additional 523 shares during the period.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the transaction, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock valued at $984,621 over the last ninety days. Insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group boosted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Wedbush reissued an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $75.17.

Progress Software Trading Up 12.1 %

PRGS opened at $57.76 on Wednesday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a market cap of $2.49 billion, a P/E ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88. The business’s 50-day simple moving average is $55.72 and its 200-day simple moving average is $62.08.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm’s revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. As a group, equities research analysts expect that Progress Software Co. will post 4.01 EPS for the current fiscal 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.