Fox Run Management L.L.C. Makes New Investment in Progress Software Corporation $PRGS

Fox Run Management L.L.C. bought a new position in shares of Progress Software Corporation (NASDAQ:PRGS) during the fourth quarter, HoldingsChannel reports. The fund bought 34,219 shares of the software maker’s stock, valued at approximately $1,470,000.

A number of other hedge funds also recently modified their holdings of the business. ProShare Advisors LLC lifted its holdings in shares of Progress Software by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock worth $358,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Progress Software by 0.8% during the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after purchasing an additional 333 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after purchasing an additional 493 shares during the period. Advisory Research Inc. lifted its holdings in shares of Progress Software by 3.8% during the third quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock worth $668,000 after purchasing an additional 562 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Progress Software by 1.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker’s stock worth $2,055,000 after purchasing an additional 601 shares during the period.

Progress Software Price Performance

PRGS stock opened at $31.16 on Tuesday. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 1.34 and a beta of 0.83. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $65.50. The company’s fifty day simple moving average is $28.97 and its 200 day simple moving average is $36.22.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The firm had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same quarter in the prior year, the business earned $1.31 earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 1,600 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total transaction of $61,248.00. Following the transaction, the executive vice president owned 15,542 shares in the company, valued at approximately $594,947.76. This represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.10% of the company’s stock.

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.