Ameriprise Financial Inc. Sells 81,030 Shares of Progress Software Co. (NASDAQ:PRGS)

Ameriprise Financial Inc. cut its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 18.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 353,105 shares of the software maker's stock after selling 81,030 shares during the quarter. Ameriprise Financial Inc. owned 0.81% of Progress Software worth $23,005,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its stake in shares of Progress Software by 4.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker's stock worth $2,008,000 after acquiring an additional 1,261 shares during the period. Blue Trust Inc. boosted its stake in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after purchasing an additional 394 shares during the last quarter. KBC Group NV increased its position in shares of Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after buying an additional 719 shares during the period. Pacer Advisors Inc. raised its stake in Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Finally, EMC Capital Management lifted its stake in shares of Progress Software by 43.8% in the 4th quarter. EMC Capital Management now owns 3,822 shares of the software maker's stock valued at $249,000 after purchasing an additional 1,164 shares during the period.

Analyst Ratings Changes

Several research firms have recently weighed in on PRGS. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson reduced their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a report on Monday, April 14th. Guggenheim restated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Finally, StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Progress Software has an average rating of "Moderate Buy" and an average price target of $74.33.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 703 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now owns 8,317 shares of the company's stock, valued at approximately $468,163.93. The trade was a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Stock Performance

NASDAQ:PRGS traded up $0.21 during mid-day trading on Tuesday, reaching $63.10. The company's stock had a trading volume of 16,801 shares, compared to its average volume of 561,829. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.71 billion, a P/E ratio of 40.39, a PEG ratio of 2.82 and a beta of 0.67. The firm's fifty day moving average price is $57.64 and its two-hundred day moving average price is $60.81. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company's revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the business posted $1.25 EPS. On average, equities analysts forecast that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Progress Software Company 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.