Rice Hall James & Associates LLC Acquires 16,968 Shares of Progress Software Corporation $PRGS

Rice Hall James & Associates LLC boosted its holdings in Progress Software Corporation (NASDAQ:PRGS) by 5.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 355,909 shares of the software maker’s stock after purchasing an additional 16,968 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Progress Software were worth $15,290,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Mariner LLC increased its holdings in Progress Software by 15.4% in the fourth quarter. Mariner LLC now owns 52,891 shares of the software maker’s stock worth $2,272,000 after purchasing an additional 7,057 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Progress Software in the fourth quarter worth approximately $2,377,000. Kennedy Capital Management LLC increased its holdings in Progress Software by 20.0% in the fourth quarter. Kennedy Capital Management LLC now owns 309,884 shares of the software maker’s stock worth $13,313,000 after purchasing an additional 51,673 shares in the last quarter. Entropy Technologies LP bought a new stake in Progress Software in the fourth quarter worth approximately $311,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Progress Software by 2.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 931,070 shares of the software maker’s stock worth $39,999,000 after purchasing an additional 24,659 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Citigroup lowered their target price on Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, April 1st. Wedbush lowered their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. DA Davidson decreased their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Finally, Oppenheimer decreased their price objective on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Trading Down 1.5%

NASDAQ PRGS opened at $31.01 on Tuesday. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 1.34 and a beta of 0.83. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $65.50. The business has a 50 day moving average price of $29.46 and a 200-day moving average price of $35.91. 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 (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, beating the consensus estimate of $1.57 by $0.03. The firm had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.31 earnings per share. As a group, equities analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current fiscal 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.