Progress Software Corporation (NASDAQ:PRGS) Shares Sold by Pacer Advisors Inc.

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

Several other hedge funds have also recently modified their holdings of the business. Bessemer Group Inc. raised its position in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new position in Progress Software during the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC increased its stake in shares of Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after acquiring an additional 326 shares during the period. Dakota Wealth Management acquired a new position in Progress Software during the first quarter valued at $224,000. Finally, LPL Financial LLC acquired a new stake in Progress Software during the 4th quarter worth about $248,000.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded up $0.25 during midday trading on Wednesday, hitting $44.59. The company's stock had a trading volume of 466,678 shares, compared to its average volume of 778,641. The business's 50 day simple moving average is $56.19 and its 200 day simple moving average is $57.02. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market cap of $1.92 billion, a P/E ratio of 34.04, a price-to-earnings-growth ratio of 2.14 and a beta of 0.70. Progress Software Corporation has a 12-month low of $43.53 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $237.23 million. During the same period last year, the business earned $1.09 earnings per share. Progress Software's revenue was up 35.6% compared to the same quarter last year. On average, analysts forecast that Progress Software Corporation will post 4.01 EPS for the current year.

Insider Transactions at Progress Software

In other Progress Software news, Director David Krall acquired 5,125 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was 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 of the company's stock, valued at approximately $4,894,401. This trade represents a 5.40% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. 3.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on PRGS shares. Guggenheim reaffirmed a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. DA Davidson boosted their price objective 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 decreased their target price on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.