Sei Investments Co. Trims Stock Position in Progress Software Corporation $PRGS

Key Points

• Sei Investments Co. reduced its stake in Progress Software Corporation by 13.7%, now holding 56,892 shares worth around $3.21 million.
• In addition to Sei, several other institutional investors, including Arrowpoint and Public Sector Pension Investment Board, also modified their holdings in Progress Software, indicating a shift in investment interest.
• Progress Software has received various analyst ratings, with a current consensus rating of "Moderate Buy" and an average target price of $73.33.

Sei Investments Co. lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 13.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,892 shares of the software maker's stock after selling 9,060 shares during the period. Sei Investments Co. owned about 0.13% of Progress Software worth $3,211,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRGS. Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 15.0% during the first 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 during the period. Deutsche Bank AG lifted its holdings in shares of Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock valued at $51,410,000 after purchasing an additional 82,156 shares during the last quarter. Seizert Capital Partners LLC raised its stake in Progress Software by 6.6% in the 1st quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker's stock worth $31,809,000 after acquiring an additional 38,352 shares during the last quarter. Systematic Financial Management LP raised its stake in Progress Software by 1.8% in the 4th quarter. Systematic Financial Management LP now owns 554,133 shares of the software maker's stock worth $36,102,000 after acquiring an additional 9,716 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Progress Software by 6.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 520,885 shares of the software maker's stock worth $33,936,000 after acquiring an additional 30,883 shares during the last quarter.

Analyst Ratings Changes

PRGS has been the subject of a number of research analyst reports. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note 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. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, DA Davidson upped their price target on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $73.33.

Progress Software Price Performance

PRGS stock traded up $0.0650 during trading on Thursday, hitting $44.6250. The stock had a trading volume of 179,741 shares, compared to its average volume of 782,269. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. Progress Software Corporation has a twelve month low of $42.88 and a twelve month high of $70.56. The stock has a market capitalization of $1.92 billion, a P/E ratio of 34.08, a PEG ratio of 2.13 and a beta of 0.70. The company's 50-day moving average price is $52.19 and its two-hundred day moving average price is $56.08.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted 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 return on equity of 43.72% and a net margin of 6.63%.The company had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period in the previous year, the firm posted $1.09 EPS. Progress Software's revenue was up 35.6% compared to the same quarter last year. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, research analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, Director Rainer Gawlick bought 1,710 shares of the stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the acquisition, the director directly owned 55,544 shares in the company, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

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.