Integrated Investment Consultants LLC Makes New $474,000 Investment in Progress Software Co. (NASDAQ:PRGS)

Integrated Investment Consultants LLC purchased a new stake in Progress Software Co. (NASDAQ:PRGS) during the third quarter, according to its most recent filing with the SEC. The firm purchased 7,031 shares of the software maker’s stock, valued at approximately $474,000.

Other institutional investors have also recently bought and sold shares of the company. Intech Investment Management LLC bought a new position in shares of Progress Software during the third quarter worth $932,000. Segall Bryant & Hamill LLC grew its stake in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after acquiring an additional 251,125 shares during the period. Prudent Man Advisors LLC acquired a new position in Progress Software in the third quarter valued at about $201,000. Seizert Capital Partners LLC increased its holdings in shares of Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Progress Software by 62.1% during the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares during the period.

Progress Software Stock Performance

Shares of PRGS stock opened at $68.81 on Friday. The stock has a market cap of $2.95 billion, a P/E ratio of 36.79, a P/E/G ratio of 8.30 and a beta of 0.92. The company has a fifty day moving average price of $64.70 and a two-hundred day moving average price of $57.71. Progress Software Co. has a one year low of $48.00 and a one year high of $69.62. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $0.90 earnings per share. As a group, equities analysts predict that Progress Software Co. will post 3.96 EPS for the current year.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the company’s 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 transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on PRGS shares. DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Guggenheim lifted their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $67.67.

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.