Progress Software Co. (NASDAQ:PRGS) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC reduced its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 15.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 269,888 shares of the software maker's stock after selling 48,518 shares during the quarter. Voloridge Investment Management LLC owned about 0.62% of Progress Software worth $17,583,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PRGS. Pacer Advisors Inc. grew its position in shares of Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Natixis grew its position in shares of Progress Software by 287.1% in the 4th quarter. Natixis now owns 518,700 shares of the software maker's stock worth $33,793,000 after buying an additional 384,700 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progress Software in the 4th quarter valued at approximately $15,432,000. Price T Rowe Associates Inc. MD raised its stake in Progress Software by 468.3% during the fourth 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 last quarter. Finally, Norges Bank bought a new stake in shares of Progress Software in the fourth quarter worth $9,699,000.

Progress Software Trading Down 0.6%

NASDAQ:PRGS traded down $0.37 during midday trading on Wednesday, hitting $61.46. The stock had a trading volume of 40,251 shares, compared to its average volume of 565,853. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 39.37, a PEG ratio of 2.82 and a beta of 0.67. The stock has a 50-day moving average of $58.45 and a 200 day moving average of $60.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. Progress Software's revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, sell-side analysts forecast that Progress Software Co. will post 4.01 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79% 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.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several research analyst reports. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson dropped their price objective on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and an average target price of $74.33.

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.