Teacher Retirement System of Texas Reduces Holdings in Progress Software Corporation (NASDAQ:PRGS)

Teacher Retirement System of Texas lowered its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 38.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,866 shares of the software maker's stock after selling 18,401 shares during the quarter. Teacher Retirement System of Texas owned about 0.07% of Progress Software worth $1,487,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Hudson Edge Investment Partners Inc. raised its position in shares of Progress Software by 35.7% in the first quarter. Hudson Edge Investment Partners Inc. now owns 17,738 shares of the software maker's stock valued at $914,000 after buying an additional 4,670 shares in the last quarter. Kendall Capital Management lifted its holdings in Progress Software by 9.2% in the first quarter. Kendall Capital Management now owns 21,945 shares of the software maker's stock valued at $1,130,000 after buying an additional 1,850 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 valued at $49,642,000 after purchasing an additional 125,345 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Progress Software by 2.3% during the first quarter. GHP Investment Advisors Inc. now owns 106,989 shares of the software maker's stock valued at $5,511,000 after purchasing an additional 2,417 shares during the period. Finally, Mountain Pacific Investment Advisers LLC bought a new stake in shares of Progress Software during the first quarter worth about $7,037,000.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Progress Software Trading Down 2.3%

PRGS stock traded down $1.10 during trading on Tuesday, hitting $47.70. The company had a trading volume of 1,258,116 shares, compared to its average volume of 630,525. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 52-week low of $47.58 and a 52-week high of $70.56. The company has a 50 day simple moving average of $60.80 and a 200-day simple moving average of $58.85. The firm has a market capitalization of $2.06 billion, a P/E ratio of 36.41, a PEG ratio of 2.35 and a beta of 0.68.

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, topping analysts' consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company 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 EPS. Progress Software's revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PRGS has been the topic of several recent analyst reports. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Citigroup reaffirmed a "neutral" rating on shares of Progress Software in a report on Friday, June 27th. DA Davidson raised their price target on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Wedbush reissued an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.17.

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.