Elo Mutual Pension Insurance Co Makes New $970,000 Investment in Progress Software Corporation $PRGS

Elo Mutual Pension Insurance Co purchased a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,194 shares of the software maker’s stock, valued at approximately $970,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB raised its stake in Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after acquiring an additional 289,122 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Nuveen LLC bought a new stake in shares of Progress Software in the first quarter valued at approximately $9,973,000. The Manufacturers Life Insurance Company raised its position in shares of Progress Software by 29.1% in the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock valued at $34,650,000 after purchasing an additional 151,800 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Progress Software by 1,772.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 156,615 shares of the software maker’s stock valued at $8,067,000 after buying an additional 148,253 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a report on Monday, October 13th. Jefferies Financial Group reduced their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, September 30th. DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, September 30th. Finally, Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Progress Software Trading Up 0.5%

Progress Software stock opened at $41.41 on Friday. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44. Progress Software Corporation has a fifty-two week low of $39.00 and a fifty-two week high of $70.28. The stock has a market cap of $1.78 billion, a P/E ratio of 37.65, a PEG ratio of 1.95 and a beta of 0.67. The firm’s fifty day moving average price is $43.35 and its 200-day moving average price is $49.46.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, September 29th. The software maker reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.20. The company had revenue of $249.80 million during the quarter, compared to analyst estimates of $240.11 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The firm’s quarterly revenue was up 39.8% on a year-over-year basis. During the same quarter last year, the company earned $1.26 earnings per share. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS. Q4 2025 guidance at 1.290-1.350 EPS. Equities research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the transaction, the insider directly owned 668 shares in the company, valued at approximately $30,901.68. This represents a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 5,474 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total transaction of $254,376.78. Following the completion of the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. This represents a 11.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 7,311 shares of company stock worth $339,332. 3.40% of the stock is owned by company insiders.

Progress Software 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.