Whittier Trust Co. Sells 439 Shares of Progress Software Co. (NASDAQ:PRGS)

Whittier Trust Co. trimmed its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 10.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,880 shares of the software maker’s stock after selling 439 shares during the period. Whittier Trust Co.’s holdings in Progress Software were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in shares of Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the period. GAMMA Investing LLC boosted 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 in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the 2nd quarter valued at $27,000. Exchange Traded Concepts LLC raised its position in shares of Progress Software by 1.9% in the 3rd 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 boosted its position in 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.

Progress Software Price Performance

NASDAQ PRGS opened at $64.87 on Thursday. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 39.55, a PEG ratio of 8.34 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The stock’s fifty day moving average price is $60.83 and its 200 day moving average price is $55.41. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $67.89.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. As a group, equities research analysts forecast that Progress Software Co. will post 3.95 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on PRGS shares. Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday. Guggenheim increased 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. Finally, StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.67.

Insider Activity

In related news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.40% of the company’s stock.

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.