Progress Software Co. (NASDAQ:PRGS) Shares Sold by Quest Partners LLC

Quest Partners LLC lowered its holdings in Progress Software Co. (NASDAQ:PRGS) by 9.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,670 shares of the software maker’s stock after selling 281 shares during the period. Quest Partners LLC’s holdings in Progress Software were worth $180,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Assetmark Inc. grew its holdings in shares of Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the second quarter valued at approximately $27,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after purchasing an additional 559 shares in the last quarter.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the company’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 completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were 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 owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.30% of the company’s stock.

Analyst Ratings Changes

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

Progress Software Stock Down 3.0 %

Shares of NASDAQ:PRGS opened at $67.56 on Thursday. The company has a market capitalization of $2.90 billion, a PE ratio of 36.13, a P/E/G ratio of 8.82 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The firm has a 50 day simple moving average of $65.39 and a 200-day simple moving average of $58.19.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate 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 net margin of 11.55% and a return on equity of 38.69%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, equities analysts predict that Progress Software Co. will post 3.96 EPS for the current fiscal year.

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.