Should you invest in Progress Software Corporation (PRGS)?

Diamond Hill Capital, an investment management company, has released its investor letter for the third quarter of 2023. You can download a copy of this here. During the third quarter of 2023, US stocks fell 3%, bringing the YTD gain to around 12% as measured by the Russell 3000 Index. The portfolio underperformed the Russell 2000 Index in the third quarter, returning -5.62%, bringing its YTD return to 6.70%. The relative weakness of the consumer discretionary, industrial and technology sectors impacted performance in the quarter. Moreover, you can view the fund’s top 5 investments to know what the best choices are in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Progress Software Corporation (NASDAQ:PRGS) in its Q3 2023 investor letter. Headquartered in Burlington, Massachusetts, Progress Software Corporation (NASDAQ:PRGS) develops, deploys, and manages enterprise applications. On November 8, 2023, shares of Progress Software Corporation (NASDAQ:PRGS) closed at $52.49 per share. Progress Software Corporation (NASDAQ:PRGS)’s one-month return was -2.40%, and the stock has gained 4.88% of its value over the past 52 weeks. Progress Software Corporation (NASDAQ:PRGS) has a market cap of $2.287 billion.

Diamond Hill Small Cap Fund made the following comment about Progress Software Corporation (NASDAQ:PRGS) in its Q3 2023 investor letter:

“Progress Software Corporation (NASDAQ:PRGS) is a diversified, multi-product infrastructure software company with high customer retention and cash generation capabilities. The main solutions focus on data management and monitoring of the IT environment; a stable core activity that is growing nicely. We expect shareholders to benefit from value-generating mergers and acquisitions over time – an opportunity that the current share price does not reflect. We also like the management team, which we believe is competent and pragmatic.”

Close-up of a software engineer in front of a laptop coding a modern platform.

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Progress Software Corporation (NASDAQ:PRGS) isn’t on our list of the 30 most popular stocks among hedge funds. According to our database, 19 hedge fund portfolios held Progress Software Corporation (NASDAQ:PRGS) at the end of the second quarter, up from 13 in the previous quarter.

We discussed Progress Software Corporation (NASDAQ:PRGS) in another article and shared the list of earnings reports that everyone is talking about. Additionally, check out our letters to hedge fund investors Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article was originally published on Insider Monkey.

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