Swedbank AB Decreases Position in Progress Software Corporation $PRGS

Key Points

• Swedbank AB reduced its stake in Progress Software by 0.8% in Q2, now holding 722,726 shares valued at approximately $46.1 million.
• Notable insider buying includes Director Rainer Gawlick acquiring 1,710 shares, increasing his position by 3.18%.
• Progress Software reported strong Q2 results with an earnings per share of $1.40, exceeding estimates and reflecting a 35.6% increase in quarterly revenue year-over-year.

Swedbank AB reduced its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,726 shares of the software maker's stock after selling 6,022 shares during the quarter. Swedbank AB owned about 1.68% of Progress Software worth $46,139,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRGS. Cetera Investment Advisers raised its holdings in Progress Software by 8.3% during the fourth quarter. Cetera Investment Advisers now owns 4,796 shares of the software maker's stock worth $312,000 after purchasing an additional 367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Progress Software by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,190 shares of the software maker's stock worth $1,576,000 after purchasing an additional 933 shares during the last quarter. ProShare Advisors LLC raised its holdings in Progress Software by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 12,817 shares of the software maker's stock worth $835,000 after purchasing an additional 3,945 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Progress Software during the fourth quarter worth $606,000. Finally, Woodline Partners LP raised its holdings in Progress Software by 9.9% during the fourth quarter. Woodline Partners LP now owns 109,072 shares of the software maker's stock worth $7,106,000 after purchasing an additional 9,789 shares during the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rainer Gawlick purchased 1,710 shares of the stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $43.48 per share, with a total value of $74,350.80. Following the transaction, the director owned 55,544 shares of the company's stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is owned by company insiders.

Progress Software Trading Up 0.0%

Progress Software stock traded up $0.01 during trading on Monday, hitting $41.97. The company's stock had a trading volume of 527,590 shares, compared to its average volume of 772,332. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 32.02, a P/E/G ratio of 1.99 and a beta of 0.68. The stock's fifty day moving average is $45.63 and its 200 day moving average is $54.17. Progress Software Corporation has a 1-year low of $41.25 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%.The business's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 earnings per share. 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, equities research analysts predict that Progress Software Corporation will post 4.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRGS. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a report on Friday, June 27th. DA Davidson boosted 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. Citigroup cut their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Wall Street Zen cut Progress Software from a "buy" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently 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.