Victory Capital Management Inc. lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 11.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,401 shares of the software maker's stock after selling 17,038 shares during the quarter. Victory Capital Management Inc. owned approximately 0.31% of Progress Software worth $6,871,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PRGS. HighTower Advisors LLC raised its holdings in shares of Progress Software by 24.8% during the fourth quarter. HighTower Advisors LLC now owns 13,249 shares of the software maker's stock valued at $863,000 after acquiring an additional 2,631 shares in the last quarter. Sei Investments Co. raised its holdings in Progress Software by 22.7% in the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock worth $4,297,000 after purchasing an additional 12,191 shares in the last quarter. LPL Financial LLC bought a new position in Progress Software in the fourth quarter worth $248,000. Vanguard Group Inc. raised its holdings in Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after purchasing an additional 45,246 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in Progress Software in the fourth quarter worth $278,000.
Progress Software Stock Performance
NASDAQ:PRGS traded down $0.32 on Tuesday, hitting $49.17. The stock had a trading volume of 75,098 shares, compared to its average volume of 768,961. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 2.40 and a beta of 0.68. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The business's 50-day simple moving average is $57.95 and its two-hundred day simple moving average is $57.65. Progress Software Corporation has a 52-week low of $47.42 and a 52-week high of $70.56.
Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results 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 business had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period last year, the firm posted $1.09 earnings per share. The business's revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts predict that Progress Software Corporation will post 4.01 earnings per share for the current year.
Insider Activity
In related news, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Krall bought 5,125 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the purchase, the director directly owned 100,090 shares in the company, valued at $4,894,401. This trade represents a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the company. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Wedbush reissued an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Citigroup dropped their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Finally, DA Davidson increased their price objective on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.33.
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About Progress Software
(
Free Report)
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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