Progress Software Co. (NASDAQ:PRGS) Position Reduced by Royce & Associates LP

Royce & Associates LP reduced its position in Progress Software Co. (NASDAQ:PRGS) by 10.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,437 shares of the software maker’s stock after selling 6,854 shares during the period. Royce & Associates LP owned about 0.14% of Progress Software worth $3,937,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PRGS. Russell Investments Group Ltd. grew its position in Progress Software by 1.8% during the 1st quarter. Russell Investments Group Ltd. now owns 52,778 shares of the software maker’s stock worth $2,814,000 after purchasing an additional 946 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Progress Software by 8.7% in the first quarter. ProShare Advisors LLC now owns 8,888 shares of the software maker’s stock worth $474,000 after buying an additional 714 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of Progress Software by 63.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after buying an additional 13,185 shares in the last quarter. Vanguard Group Inc. raised its position in Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after buying an additional 95,594 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Progress Software by 2.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 60,683 shares of the software maker’s stock worth $3,235,000 after acquiring an additional 1,601 shares in the last quarter.

Insider Activity

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PRGS shares. Guggenheim lifted 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. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer increased their target price 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. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $67.67.

Progress Software Stock Down 0.5 %

Progress Software stock opened at $66.16 on Tuesday. 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 1-year low of $48.00 and a 1-year high of $68.95. The firm’s fifty day simple moving average is $64.11 and its 200-day simple moving average is $57.46. The company has a market capitalization of $2.84 billion, a P/E ratio of 35.38, a P/E/G ratio of 8.39 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its quarterly 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 company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the company posted $0.90 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current fiscal 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.