Inspire Advisors LLC Makes New $237,000 Investment in Progress Software Co. (NASDAQ:PRGS)

by · The Markets Daily

Inspire Advisors LLC purchased a new position in shares of Progress Software Co. (NASDAQ:PRGS – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,513 shares of the software maker’s stock, valued at approximately $237,000.

Several other large investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software during the second quarter worth about $27,000. GAMMA Investing LLC lifted its stake in Progress Software by 76.7% during the 3rd 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. Blue Trust Inc. boosted its holdings in shares of Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares during the last quarter. EntryPoint Capital LLC increased its stake in shares of Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares during the period. Finally, Quest Partners LLC purchased a new position in shares of Progress Software during the second quarter worth $160,000.

Progress Software Stock Down 0.6 %

Shares of NASDAQ PRGS opened at $65.91 on Friday. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $67.89. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company’s 50-day simple moving average is $60.46 and its 200-day simple moving average is $55.18. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 40.19, a price-to-earnings-growth ratio of 8.38 and a beta of 0.92.

Progress Software (NASDAQ:PRGS – Get Free Report) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. Equities analysts predict that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 14th. Oppenheimer lifted their target price on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, September 25th. Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, Guggenheim increased their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $66.00.

Read Our Latest Stock Report on PRGS

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were 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 owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.40% of the stock is currently owned by insiders.

Progress Software Profile

(Free Report)

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.

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