Pacer Advisors Inc. Has $128,000 Stake in Progress Software Corporation (NASDAQ:PRGS)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Progress Software Corporation by 99.8%, selling 1,140,631 shares, leaving them with a holding valued at $128,000.
• Progress Software reported a 35.6% year-over-year increase in quarterly revenue, achieving $237.36 million and beating analysts' expectations with earnings of $1.40 per share.
• Wall Street analysts maintain a generally favorable outlook, with five analysts giving a "buy" rating and a consensus price target of $73.33 for Progress Software stock.

Pacer Advisors Inc. lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 99.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,479 shares of the software maker's stock after selling 1,140,631 shares during the quarter. Pacer Advisors Inc.'s holdings in Progress Software were worth $128,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Avantax Advisory Services Inc. boosted its holdings in shares of Progress Software by 3.0% in the first 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. Legato Capital Management LLC raised its position in Progress Software by 20.4% during the first quarter. Legato Capital Management LLC now owns 31,841 shares of the software maker's stock worth $1,640,000 after acquiring an additional 5,405 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in Progress Software by 13.8% during the first quarter. KLP Kapitalforvaltning AS now owns 108,900 shares of the software maker's stock worth $5,609,000 after acquiring an additional 13,200 shares in the last quarter. Dakota Wealth Management acquired a new position in shares of Progress Software in the first quarter valued at $224,000. Finally, Edgestream Partners L.P. increased its holdings in shares of Progress Software by 3.6% in the first quarter. Edgestream Partners L.P. now owns 110,627 shares of the software maker's stock valued at $5,698,000 after purchasing an additional 3,808 shares during the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, Director David Krall acquired 5,125 shares of the stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director owned 100,090 shares in the company, valued at approximately $4,894,401. This represents a 5.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction 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 approximately $2,307,320.23. The trade was a 11.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

Progress Software Stock Down 4.2%

Progress Software stock opened at $46.04 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 12-month low of $45.93 and a 12-month high of $70.56. The firm's fifty day moving average is $56.86 and its 200 day moving average is $57.28. The company has a market capitalization of $1.98 billion, a PE ratio of 35.15, a PEG ratio of 2.18 and a beta of 0.71.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (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 company had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. During the same quarter in the previous year, the company earned $1.09 EPS. Progress Software's quarterly revenue was up 35.6% compared to the same quarter last year. As a group, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. DA Davidson upped their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Citigroup reduced 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. Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Progress Software has an average rating of "Moderate Buy" and a consensus price target of $73.33.

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.

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