Sei Investments Co. Has $4.30 Million Stock Position in Progress Software Co. (NASDAQ:PRGS)

Sei Investments Co. raised its position in shares of Progress Software Co. (NASDAQ:PRGS) by 22.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 65,952 shares of the software maker’s stock after purchasing an additional 12,191 shares during the quarter. Sei Investments Co.’s holdings in Progress Software were worth $4,297,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in 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 in the last quarter. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 619 shares during the last quarter. TD Private Client Wealth LLC raised its stake in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the period. Blue Trust Inc. boosted its holdings in Progress Software by 23.2% in 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 during the period. Finally, KBC Group NV lifted its holdings 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 purchasing an additional 719 shares in the last quarter.

Progress Software Stock Performance

PRGS stock opened at $58.98 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 37.81, a PEG ratio of 2.82 and a beta of 0.88. The business’s fifty day simple moving average is $55.75 and its two-hundred day simple moving average is $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 posted its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during 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%. Progress Software’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.25 EPS. Analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Activity at Progress Software

In other 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 value of $83,881.20. Following the sale, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is available at 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 value of $56,240.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PRGS has been the subject of several recent analyst reports. 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 price objective on shares of Progress Software in a research report on Tuesday. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, 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 report on Monday, January 6th. Two research 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, Progress Software has an average rating of “Moderate Buy” and a consensus price target of $75.17.

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.