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

Point72 Asset Management L.P. trimmed its position in 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. The fund owned 4,531 shares of the software maker's stock after selling 8,083,372 shares during the quarter. Point72 Asset Management L.P.'s holdings in Progress Software were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. ProShare Advisors LLC increased its holdings in shares of Progress Software by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 12,817 shares of the software maker's stock valued at $835,000 after acquiring an additional 3,945 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Progress Software by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,190 shares of the software maker's stock valued at $1,576,000 after purchasing an additional 933 shares during the period. Lazard Asset Management LLC boosted its position in Progress Software by 178.0% during the 4th quarter. Lazard Asset Management LLC now owns 101,842 shares of the software maker's stock valued at $6,634,000 after purchasing an additional 65,202 shares during the period. Gotham Asset Management LLC boosted its position in Progress Software by 114.5% during the 4th quarter. Gotham Asset Management LLC now owns 18,904 shares of the software maker's stock valued at $1,232,000 after purchasing an additional 10,093 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its position in Progress Software by 44.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 399,909 shares of the software maker's stock valued at $26,054,000 after purchasing an additional 122,463 shares during the period.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. DA Davidson reduced their price target on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.33.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 703 shares of the firm'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 completion of the transaction, the insider now directly owns 8,317 shares of the company's stock, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction on Thursday, April 24th. The stock was 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. Corporate insiders own 3.40% of the company's stock.

Progress Software Price Performance

NASDAQ PRGS traded up $0.76 on Tuesday, reaching $61.83. The company's stock had a trading volume of 445,790 shares, compared to its average volume of 567,938. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $2.66 billion, a PE ratio of 39.63, a PEG ratio of 2.82 and a beta of 0.67. The firm's 50 day moving average is $58.30 and its two-hundred day moving average is $60.65.

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

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.