Creative Planning Acquires 9,482 Shares of Progress Software Corporation $PRGS

Creative Planning raised its holdings in Progress Software Corporation (NASDAQ:PRGS) by 88.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,254 shares of the software maker’s stock after acquiring an additional 9,482 shares during the quarter. Creative Planning’s holdings in Progress Software were worth $1,293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Boston Trust Walden Corp grew its holdings in shares of Progress Software by 1.9% in the second quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker’s stock worth $114,703,000 after purchasing an additional 32,874 shares during the last quarter. Geode Capital Management LLC grew its stake in Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock worth $68,155,000 after acquiring an additional 5,187 shares in the last quarter. Swedbank AB grew 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 worth $37,538,000 after acquiring an additional 289,122 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Progress Software by 29.1% during the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock worth $34,650,000 after acquiring an additional 151,800 shares during the period. Finally, Systematic Financial Management LP boosted its holdings in shares of Progress Software by 16.2% in the first quarter. Systematic Financial Management LP now owns 643,711 shares of the software maker’s stock valued at $33,158,000 after purchasing an additional 89,578 shares during the period.

Analyst Ratings Changes

PRGS has been the topic of several research reports. DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, September 30th. Jefferies Financial Group dropped their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, September 30th. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Finally, Citigroup raised shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Monday, October 13th. Four 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 company’s stock. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Price Performance

PRGS opened at $41.41 on Friday. The firm has a market capitalization of $1.78 billion, a PE ratio of 37.65, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The business’s 50-day moving average is $43.35 and its two-hundred day moving average is $49.46. Progress Software Corporation has a 1 year low of $39.00 and a 1 year high of $70.28.

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

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 5,474 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the sale, the chief financial officer owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. This trade represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total value of $66,059.28. Following the sale, the insider owned 668 shares in the company, valued at $30,901.68. The trade was a 68.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 7,311 shares of company stock worth $339,332. Insiders own 3.40% of the company’s stock.

About Progress Software

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.