Teacher Retirement System of Texas Decreases Stake in Progress Software Corporation (NASDAQ:PRGS)

Teacher Retirement System of Texas reduced its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,866 shares of the software maker's stock after selling 18,401 shares during the period. Teacher Retirement System of Texas owned about 0.07% of Progress Software worth $1,487,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PRGS. Natixis boosted its holdings in shares of Progress Software by 287.1% in the 4th quarter. Natixis now owns 518,700 shares of the software maker's stock valued at $33,793,000 after buying an additional 384,700 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Progress Software in the 4th quarter valued at about $15,432,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Progress Software by 468.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock valued at $12,139,000 after buying an additional 153,517 shares during the period. Norges Bank bought a new stake in Progress Software in the 4th quarter valued at about $9,699,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Progress Software by 228.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker's stock valued at $13,581,000 after purchasing an additional 144,892 shares during the last quarter.

Insider Transactions at Progress Software

In other Progress Software news, 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 directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business's stock in a transaction that occurred 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. Company insiders own 3.40% of the company's stock.

Progress Software Trading Down 2.0%

NASDAQ PRGS opened at $49.62 on Friday. The company has a market cap of $2.14 billion, a PE ratio of 37.88, a PEG ratio of 2.40 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 12 month low of $49.15 and a 12 month high of $70.56. The stock has a 50 day moving average of $60.80 and a 200-day moving average of $58.95.

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 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 firm had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same quarter last year, the business earned $1.09 EPS. The company's quarterly revenue was up 35.6% compared to the same quarter last year. On average, equities research analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PRGS has been the topic of several recent research reports. DA Davidson lifted their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Wedbush reissued an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup restated a "neutral" rating on shares of Progress Software in a report on Friday, June 27th. Finally, Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.17.

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.

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