Kennedy Capital Management LLC Buys 51,673 Shares of Progress Software Corporation $PRGS

Kennedy Capital Management LLC grew its stake in Progress Software Corporation (NASDAQ:PRGS) by 20.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 309,884 shares of the software maker’s stock after purchasing an additional 51,673 shares during the quarter. Kennedy Capital Management LLC owned approximately 0.74% of Progress Software worth $13,313,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRGS. LSV Asset Management lifted its holdings in shares of Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after purchasing an additional 619,800 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Progress Software in the third quarter valued at approximately $16,324,000. Marshall Wace LLP lifted its holdings in shares of Progress Software by 732.6% in the third quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock valued at $15,700,000 after purchasing an additional 314,459 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 valued at $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Progress Software in the second quarter valued at approximately $9,337,000.

Progress Software Stock Performance

Shares of PRGS opened at $31.47 on Monday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.34 and a beta of 0.83. The stock has a 50 day moving average of $29.36 and a 200 day moving average of $35.98. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $65.50.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup dropped their target price on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. DA Davidson decreased their price target 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. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Oppenheimer decreased their price target 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, Jefferies Financial Group decreased their price target 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. Five equities 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 company. Based on data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average target price of $52.50.

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.