Progress Software Co. (NASDAQ:PRGS) Shares Bought by MetLife Investment Management LLC

MetLife Investment Management LLC grew its holdings in Progress Software Co. (NASDAQ:PRGS) by 4.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,472 shares of the software maker’s stock after acquiring an additional 976 shares during the quarter. MetLife Investment Management LLC owned 0.06% of Progress Software worth $1,660,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bessemer Group Inc. boosted its stake in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after purchasing an additional 296 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares during the period. Blue Trust Inc. grew its holdings in shares of Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after buying an additional 394 shares during the last quarter. Finally, KBC Group NV lifted its position in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after acquiring an additional 719 shares during the period.

Progress Software Trading Up 1.2 %

Shares of Progress Software stock opened at $59.89 on Wednesday. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The firm’s 50-day moving average price is $55.93 and its 200 day moving average price is $61.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $2.58 billion, a PE ratio of 38.39, a P/E/G ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. On average, sell-side analysts predict that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,613 shares of company stock valued at $1,107,403. 3.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PRGS has been the topic of several research reports. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson decreased their price target on Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, April 14th. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $74.33.

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.