WINTON GROUP Ltd Buys Shares of 81,486 Progress Software Corporation $PRGS

WINTON GROUP Ltd bought a new stake in Progress Software Corporation (NASDAQ:PRGS) in the 4th quarter, Holdings Channel reports. The institutional investor bought 81,486 shares of the software maker’s stock, valued at approximately $3,501,000.

A number of other hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of Progress Software by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock worth $50,044,000 after acquiring an additional 20,669 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Progress Software by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock worth $46,468,000 after acquiring an additional 6,095 shares during the last quarter. LSV Asset Management raised its position in shares of Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after acquiring an additional 619,800 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Progress Software by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 675,946 shares of the software maker’s stock worth $43,152,000 after acquiring an additional 3,261 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Progress Software by 1.0% during the third quarter. American Century Companies Inc. now owns 648,792 shares of the software maker’s stock worth $28,501,000 after acquiring an additional 6,145 shares during the last quarter.

Insider Buying and Selling

In related news, EVP Sundar Subramanian sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the completion of the sale, the executive vice president owned 15,542 shares of the company’s stock, valued at $594,947.76. This trade represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PRGS shares. Citigroup lowered their price objective on Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. DA Davidson lowered their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Jefferies Financial Group lowered their price objective on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Oppenheimer lowered their price objective on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Finally, Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Stock Performance

NASDAQ PRGS opened at $31.36 on Monday. The business has a 50 day simple moving average of $28.93 and a 200 day simple moving average of $36.28. Progress Software Corporation has a one year low of $23.82 and a one year high of $65.50. The stock has a market capitalization of $1.32 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.34 and a beta of 0.83. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, topping the consensus estimate of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $246.40 million. During the same quarter last year, the firm posted $1.31 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. Research analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Progress Software Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.