Point72 Asset Management L.P. Has $295,000 Stake in Progress Software Co. (NASDAQ:PRGS)

Point72 Asset Management L.P. cut its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 99.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,531 shares of the software maker's stock after selling 8,083,372 shares during the period. Point72 Asset Management L.P.'s holdings in Progress Software were worth $295,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Exchange Traded Concepts LLC raised its stake in shares of Progress Software by 4.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker's stock valued at $2,008,000 after acquiring an additional 1,261 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after acquiring an additional 394 shares in the last quarter. KBC Group NV raised its stake in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after acquiring an additional 1,140,626 shares in the last quarter. Finally, EMC Capital Management raised its stake in shares of Progress Software by 43.8% in the 4th quarter. EMC Capital Management now owns 3,822 shares of the software maker's stock valued at $249,000 after acquiring an additional 1,164 shares in the last quarter.

Progress Software Stock Performance

PRGS traded down $0.64 during midday trading on Thursday, reaching $60.72. The company's stock had a trading volume of 163,961 shares, compared to its average volume of 565,399. The stock has a market cap of $2.61 billion, a P/E ratio of 38.92, a PEG ratio of 2.82 and a beta of 0.67. The company has a fifty day simple moving average of $58.59 and a 200 day simple moving average of $60.66. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same quarter last year, the firm posted $1.25 EPS. The company's revenue was up 28.9% on a year-over-year basis. Research analysts expect that Progress Software Co. will post 4.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRGS shares. Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson cut their price objective on Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Progress Software has an average rating of "Moderate Buy" and an average price target of $74.33.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 703 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider now owns 8,317 shares of the company's stock, valued at $468,163.93. The trade was a 7.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

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.