Fuller & Thaler Asset Management Inc. Cuts Stake in Progress Software Corporation $PRGS

Key Points

• Fuller & Thaler Asset Management Inc. reduced its stake in Progress Software by 36.3%, owning 764,976 shares valued at approximately $39.4 million as of its latest SEC filing.
• Progress Software reported a net margin of 6.63% and a 35.6% increase in revenue year-over-year during its last quarterly earnings, beating analyst estimates.
• Equities analysts hold a generally positive outlook on Progress Software, with an average rating of "Moderate Buy" and an average price target of $73.33.

Fuller & Thaler Asset Management Inc. lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 36.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 764,976 shares of the software maker's stock after selling 436,094 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 1.78% of Progress Software worth $39,404,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Northern Trust Corp raised its position in Progress Software by 1.3% during the 1st quarter. Northern Trust Corp now owns 510,558 shares of the software maker's stock worth $26,299,000 after buying an additional 6,435 shares during the last quarter. Liontrust Investment Partners LLP purchased a new position in shares of Progress Software in the 1st quarter valued at about $589,000. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Progress Software in the 1st quarter valued at about $206,000. Public Sector Pension Investment Board increased its holdings in shares of Progress Software by 47.4% in the 1st quarter. Public Sector Pension Investment Board now owns 157,640 shares of the software maker's stock valued at $8,120,000 after purchasing an additional 50,697 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Progress Software in the 1st quarter valued at about $9,973,000.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $45.12 on Wednesday. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 2.16 and a beta of 0.70. Progress Software Corporation has a 52 week low of $42.88 and a 52 week high of $70.56. The company's 50-day moving average price is $52.56 and its 200 day moving average price is $56.16. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period in the prior year, the company earned $1.09 EPS. The firm's revenue was up 35.6% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the sale, the chief financial officer directly owned 43,559 shares of the company's stock, valued at $2,307,320.23. This trade represents a 11.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rainer Gawlick purchased 1,710 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the completion of the purchase, the director directly owned 55,544 shares in the company, valued at $2,415,053.12. The trade was a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Guggenheim reiterated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Wedbush reiterated an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. DA Davidson increased their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Finally, Citigroup cut their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Progress Software currently has an average rating of "Moderate Buy" and an average price target of $73.33.

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.

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