Progress Software Co. (NASDAQ:PRGS) Shares Sold by Deerfield Management Company L.P. Series C

Deerfield Management Company L.P. Series C reduced its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 16.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,238 shares of the software maker’s stock after selling 3,156 shares during the period. Deerfield Management Company L.P. Series C’s holdings in Progress Software were worth $881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after acquiring an additional 95,594 shares in the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after purchasing an additional 192,899 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after buying an additional 34,318 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after buying an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Progress Software by 22.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after buying an additional 156,796 shares during the period.

Progress Software Stock Up 3.0 %

Shares of NASDAQ PRGS opened at $65.84 on Friday. The stock has a market cap of $2.82 billion, a PE ratio of 40.15, a P/E/G ratio of 7.28 and a beta of 0.91. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $66.06. The company has a 50-day moving average of $57.46 and a 200 day moving average of $53.71.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock valued at $765,004 over the last 90 days. 3.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRGS. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer lifted their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday. Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. Finally, Guggenheim increased their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has an average rating of “Buy” and a consensus price target of $66.00.

Progress Software Profile

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.