Swedbank AB Sells 32,843 Shares of Progress Software Co. (NASDAQ:PRGS)

Swedbank AB lowered its position in Progress Software Co. (NASDAQ:PRGS) by 6.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 441,604 shares of the software maker’s stock after selling 32,843 shares during the period. Swedbank AB owned 1.03% of Progress Software worth $29,751,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. GAMMA Investing LLC lifted its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares during the period. Canada Pension Plan Investment Board bought a new stake in Progress Software during the second quarter worth about $27,000. Exchange Traded Concepts LLC boosted its stake in Progress Software by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after acquiring an additional 559 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Progress Software by 9.7% during the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock valued at $362,000 after purchasing an additional 602 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRGS. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Monday. Wedbush restated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Oppenheimer raised their price objective on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. One equities 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. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $66.00.

Progress Software Trading Up 0.9 %

Progress Software stock opened at $67.25 on Thursday. Progress Software Co. has a one year low of $48.00 and a one year high of $67.89. The business’s fifty day moving average is $60.07 and its 200 day moving average is $54.99. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 0.95. The stock has a market capitalization of $2.88 billion, a PE ratio of 41.01, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter last year, the firm posted $0.90 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Progress Software Co. will post 3.95 EPS for the current year.

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.