Rice Hall James & Associates LLC Has $15.29 Million Stock Holdings in Progress Software Corporation $PRGS

Rice Hall James & Associates LLC grew its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 owned approximately 0.85% of Progress Software worth $15,290,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its stake in shares of Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after purchasing an additional 493 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Progress Software by 1,042.5% during the fourth quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,178 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 shares in the last quarter. Finally, Leonteq Securities AG acquired a new stake in shares of Progress Software during the fourth quarter valued at about $79,000.

Progress Software Price Performance

Progress Software stock opened at $31.01 on Tuesday. The stock’s 50 day moving average is $29.46 and its 200 day moving average is $35.91. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. The firm has a market cap of $1.30 billion, a P/E ratio of 15.90, a P/E/G ratio of 1.34 and a beta of 0.83. Progress Software Corporation has a one year low of $23.82 and a one year high of $65.50.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. The company had revenue of $248.00 million for 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%.The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.31 earnings per share. As a group, research analysts expect that Progress Software Corporation will post 4.68 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. Wedbush cut their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 31st. Jefferies Financial Group cut their price target 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. Citigroup cut their price target on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. Finally, Oppenheimer cut their price objective on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.50.

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.