New York State Teachers Retirement System Sells 500 Shares of Progress Software Co. (NASDAQ:PRGS)

New York State Teachers Retirement System reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 0.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,914 shares of the software maker’s stock after selling 500 shares during the quarter. New York State Teachers Retirement System owned 0.18% of Progress Software worth $5,182,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Rehmann Capital Advisory Group raised its position in shares of Progress Software by 9.7% in the 1st quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock valued at $362,000 after buying an additional 602 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in shares of Progress Software by 2.0% in the 1st quarter. Texas Permanent School Fund Corp now owns 38,403 shares of the software maker’s stock valued at $2,047,000 after purchasing an additional 769 shares in the last quarter. Duality Advisers LP bought a new position in shares of Progress Software in the 1st quarter valued at $680,000. Sciencast Management LP acquired a new position in shares of Progress Software during the 1st quarter worth $304,000. Finally, SG Americas Securities LLC bought a new stake in shares of Progress Software during the 1st quarter worth $451,000.

Analysts Set New Price Targets

PRGS has been the topic of a number of recent analyst reports. Guggenheim lifted their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of “Buy” and a consensus price target of $67.67.

Insider Activity

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction dated 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 transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.30% of the company’s stock.

Progress Software Trading Up 1.3 %

PRGS opened at $64.77 on Wednesday. The company’s 50 day moving average price is $62.22 and its two-hundred day moving average price is $56.29. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 8.14 and a beta of 0.92. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $67.89. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its earnings results 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. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period last year, the company earned $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, research analysts predict that Progress Software Co. will post 3.95 earnings per share 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.