Progress Software Co. (NASDAQ:PRGS) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 90.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 517,580 shares of the software maker’s stock after selling 4,983,774 shares during the quarter. JPMorgan Chase & Co.’s holdings in Progress Software were worth $34,869,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Progress Software by 2.5% during the 2nd 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 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after purchasing an additional 99,479 shares during the period. Seizert Capital Partners LLC boosted its holdings in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares during the last quarter. Finally, Segall Bryant & Hamill LLC grew its position in Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the period.

Progress Software Stock Down 0.4 %

NASDAQ PRGS opened at $65.01 on Tuesday. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The business has a fifty day moving average price of $67.09 and a 200 day moving average price of $61.65. The company has a market cap of $2.79 billion, a P/E ratio of 34.76, a P/E/G ratio of 7.35 and a beta of 0.93.

Insider Activity

In other news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

PRGS has been the subject of several analyst reports. Guggenheim boosted their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson raised their price objective 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. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer boosted their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $70.17.

Progress Software Company 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.