Principal Financial Group Inc. grew its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,045,240 shares of the software maker's stock after purchasing an additional 43,936 shares during the period. Principal Financial Group Inc. owned approximately 2.44% of Progress Software worth $70,418,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Virtu Financial LLC acquired a new position in Progress Software during the third quarter valued at approximately $1,626,000. Hohimer Wealth Management LLC acquired a new position in shares of Progress Software during the 3rd quarter valued at $225,000. Rehmann Capital Advisory Group boosted its position in Progress Software by 7.0% during the 3rd quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker's stock worth $645,000 after purchasing an additional 619 shares during the period. TD Private Client Wealth LLC increased its holdings 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 purchasing an additional 301 shares in the last quarter. Finally, XTX Topco Ltd raised its position in Progress Software by 107.5% in the third quarter. XTX Topco Ltd now owns 17,149 shares of the software maker's stock valued at $1,155,000 after purchasing an additional 8,886 shares during the period.
In related news, insider Ian Pitt sold 1,747 shares of the company's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the firm's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at $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. Insiders own 3.40% of the company's stock.
Several equities research analysts have recently weighed in on the company. Oppenheimer upped their target price on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Wedbush reissued an "outperform" rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. Finally, Guggenheim increased their price target on Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $67.67.
Check Out Our Latest Analysis on PRGS
Shares of PRGS stock opened at $66.38 on Friday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 7.35 and a beta of 0.92. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company's 50-day simple moving average is $67.14 and its 200-day simple moving average is $60.28. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.
Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the business earned $0.90 EPS. The business's quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts anticipate that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.
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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