Bryce Point Capital LLC Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

Bryce Point Capital LLC bought a new stake in Progress Software Co. (NASDAQ:PRGS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,364 shares of the software maker’s stock, valued at approximately $545,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC increased its holdings in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after buying an additional 619 shares in the last quarter. TD Private Client Wealth LLC increased its stake in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in the last quarter. Blue Trust Inc. lifted its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares in the last quarter. Finally, KBC Group NV lifted its position in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after buying an additional 719 shares in the last quarter.

Analysts Set New Price Targets

PRGS has been the subject of several research reports. DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday. Finally, Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,482 shares of company stock worth $984,621. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

Shares of PRGS stock opened at $58.98 on Thursday. The stock has a 50-day moving average of $55.75 and a 200-day moving average of $62.06. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock has a market cap of $2.54 billion, a PE ratio of 37.81, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS) last issued its 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 firm had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, sell-side analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

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.