New York State Teachers Retirement System Lowers Stock Holdings in Progress Software Corporation (NASDAQ:PRGS)

New York State Teachers Retirement System lowered its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 8.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 74,181 shares of the software maker's stock after selling 6,569 shares during the quarter. New York State Teachers Retirement System owned about 0.17% of Progress Software worth $3,821,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after purchasing an additional 45,246 shares during the period. Geode Capital Management LLC raised its holdings in shares of Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock worth $66,039,000 after buying an additional 4,927 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 15.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock worth $49,642,000 after buying an additional 125,345 shares in the last quarter. Invesco Ltd. increased its holdings in Progress Software by 0.7% in the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock worth $52,284,000 after purchasing an additional 5,474 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Progress Software by 11.6% in the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock worth $51,410,000 after purchasing an additional 82,156 shares in the last quarter.

Insiders Place Their Bets

In related news, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value 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 represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Stock Down 1.7%

Shares of Progress Software stock traded down $0.88 on Thursday, hitting $50.64. The company had a trading volume of 1,489,399 shares, compared to its average volume of 616,601. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 38.66, a P/E/G ratio of 2.49 and a beta of 0.68. Progress Software Corporation has a 1 year low of $50.07 and a 1 year high of $70.56. The stock has a 50 day moving average of $61.22 and a 200-day moving average of $59.16. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.10. The company 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%. Progress Software's revenue was up 35.6% on a year-over-year basis. During the same period last year, the business posted $1.09 earnings per share. As a group, sell-side analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRGS. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a report on Friday, June 27th. DA Davidson upped their price target on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Citigroup restated a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th. Wedbush restated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Finally, Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and an average price target of $75.17.

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.