Mitsubishi UFJ Trust & Banking Corp Acquires New Position in Progress Software Co. (NASDAQ:PRGS)

Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,273 shares of the software maker’s stock, valued at approximately $278,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. Smartleaf Asset Management LLC increased its position in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC grew its stake in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in Progress Software by 19.3% during the 3rd 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 during the period. Blue Trust Inc. raised its holdings in 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 acquiring an additional 394 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRGS. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Tuesday. Citigroup upped 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. DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Wedbush restated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,482 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction 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 in the company, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock valued at $984,621 over the last quarter. 3.40% of the stock is currently owned by insiders.

Progress Software Price Performance

PRGS stock opened at $58.98 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $2.54 billion, a P/E ratio of 37.81, a PEG ratio of 2.82 and a beta of 0.88. The business has a 50 day simple moving average of $55.75 and a 200-day simple moving average of $62.06. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. As a group, equities analysts anticipate that Progress Software Co. will post 4.01 EPS for the current year.

About Progress Software

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.