Diamond Hill Capital Management Inc. Buys 30,748 Shares of Progress Software Corporation $PRGS

Diamond Hill Capital Management Inc. lifted its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 6.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 495,346 shares of the software maker’s stock after acquiring an additional 30,748 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Progress Software were worth $21,280,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PRGS. ProShare Advisors LLC grew its position in Progress Software by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock worth $358,000 after acquiring an additional 258 shares during the last quarter. California State Teachers Retirement System grew its position in Progress Software by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after acquiring an additional 333 shares during the last quarter. Amalgamated Bank grew its position in Progress Software by 3.4% during the 3rd quarter. Amalgamated Bank now owns 12,671 shares of the software maker’s stock worth $557,000 after acquiring an additional 422 shares during the last quarter. Advisory Research Inc. grew its position in Progress Software by 3.8% during the 3rd quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock worth $668,000 after acquiring an additional 562 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in Progress Software by 1.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 48,215 shares of the software maker’s stock worth $2,055,000 after acquiring an additional 601 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRGS. DA Davidson reduced their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Citigroup cut 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. Oppenheimer cut their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Jefferies Financial Group dropped their price objective on Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Finally, Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Stock Performance

Shares of PRGS opened at $28.92 on Friday. The firm has a market capitalization of $1.22 billion, a P/E ratio of 14.83, a P/E/G ratio of 1.25 and a beta of 0.78. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a 50 day moving average price of $29.12 and a two-hundred day moving average price of $37.11. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $65.50.

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

Insider Activity

In other news, EVP Sundar Subramanian sold 21,594 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total value of $813,014.10. Following the completion of the transaction, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $585,156.30. This represents a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.10% of the stock is currently owned by corporate insiders.

About Progress Software

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.