Progress Software Co. (NASDAQ:PRGS) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lessened its stake in Progress Software Co. (NASDAQ:PRGS) by 4.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,700 shares of the software maker’s stock after selling 1,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Progress Software were worth $1,395,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the second quarter valued at $27,000. GAMMA Investing LLC boosted its holdings in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the period. Blue Trust Inc. lifted its holdings in 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 buying an additional 371 shares during the last quarter. EntryPoint Capital LLC lifted its holdings in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software in the 2nd quarter valued at about $160,000.

Progress Software Trading Up 0.4 %

Shares of Progress Software stock opened at $64.35 on Friday. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $67.89. The firm has a market cap of $2.76 billion, a PE ratio of 34.41, a P/E/G ratio of 8.18 and a beta of 0.92. The business’s fifty day moving average is $62.09 and its two-hundred day moving average is $56.11. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million during 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 revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. Analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current year.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction 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 approximately $2,276,029.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRGS. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer upped their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. One investment 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 company’s stock. According to data from MarketBeat, Progress Software currently has a consensus rating of “Buy” and an average target price of $67.67.

About Progress Software

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.