Cubist Systematic Strategies LLC Has $575,000 Position in Progress Software Co. (NASDAQ:PRGS)

Cubist Systematic Strategies LLC cut its stake in Progress Software Co. (NASDAQ:PRGS) by 87.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,600 shares of the software maker’s stock after selling 76,425 shares during the period. Cubist Systematic Strategies LLC’s holdings in Progress Software were worth $575,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PRGS. Canada Pension Plan Investment Board acquired a new stake in Progress Software during the second quarter worth about $27,000. Blue Trust Inc. boosted its position in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares in the last quarter. EntryPoint Capital LLC increased its stake in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares during the last quarter. Quest Partners LLC acquired a new position in Progress Software during the second quarter valued at approximately $160,000. Finally, Neo Ivy Capital Management bought a new stake in Progress Software during the second quarter worth $204,000.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. Oppenheimer increased their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim raised 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. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Progress Software Price Performance

PRGS stock opened at $66.29 on Friday. The company has a market capitalization of $2.84 billion, a P/E ratio of 40.42, a PEG ratio of 8.44 and a beta of 0.92. The company has a fifty day moving average price of $58.43 and a 200-day moving average price of $54.14. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.95 and a current ratio of 1.23. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $67.48.

Progress Software (NASDAQ:PRGS) last announced its 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. The firm had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. As a group, equities analysts expect that Progress Software Co. will post 3.95 EPS for the current year.

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.