Mizuho Markets Americas LLC Sells 126,028 Shares of Progress Software Corporation (NASDAQ:PRGS)

Key Points

• Mizuho Markets Americas LLC reduced its holdings in Progress Software Corporation by 17.8%, selling 126,028 shares during the first quarter, leaving them with 580,267 shares valued at approximately $29.9 million.
• Progress Software reported a quarterly earnings per share of $1.40, surpassing the consensus estimate of $1.30, with revenues rising by 35.6% year-over-year to $237.36 million.
• Analysts have mixed views on Progress Software, with a consensus rating of "Moderate Buy" and an average target price of $73.33, reflecting varying sentiments in the market.

Mizuho Markets Americas LLC reduced its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 580,267 shares of the software maker's stock after selling 126,028 shares during the period. Mizuho Markets Americas LLC owned 1.35% of Progress Software worth $29,890,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Avantax Advisory Services Inc. raised its holdings in shares of Progress Software by 3.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock valued at $329,000 after buying an additional 185 shares during the period. QRG Capital Management Inc. lifted its position in shares of Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after purchasing an additional 187 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Progress Software by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock valued at $290,000 after purchasing an additional 239 shares during the period. First Trust Advisors LP grew its holdings in shares of Progress Software by 0.3% in the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock valued at $6,248,000 after purchasing an additional 281 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after buying an additional 296 shares during the period.

Progress Software Stock Down 2.0%

NASDAQ PRGS traded down $0.91 during trading hours on Thursday, hitting $45.21. The company had a trading volume of 380,736 shares, compared to its average volume of 786,939. The firm's 50 day moving average is $54.07 and its 200 day moving average is $56.46. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. Progress Software Corporation has a fifty-two week low of $42.88 and a fifty-two week high of $70.56. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 34.50, a P/E/G ratio of 2.10 and a beta of 0.70.

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, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The firm's revenue was up 35.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.09 EPS. Sell-side analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. DA Davidson upped their price objective on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup dropped their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Finally, Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the sale, the chief financial officer owned 43,559 shares of the company's stock, valued at $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Rainer Gawlick acquired 1,710 shares of Progress Software stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average cost of $43.48 per share, with a total value of $74,350.80. Following the purchase, the director owned 55,544 shares in the company, valued at $2,415,053.12. The trade was a 3.18% increase in their position. The disclosure for this purchase can be found here. 3.40% of the stock is owned by corporate insiders.

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.