Voya Investment Management LLC Reduces Stock Position in Progress Software Corporation $PRGS

Key Points

• Voya Investment Management LLC has reduced its stock position in Progress Software Corporation by 35.3%, now holding 11,834 shares worth approximately $610,000.
• Meanwhile, other institutional investors have made significant moves, with Advisors Asset Management Inc. increasing its stake by 135.1%, while new investments include Arrowpoint Investment Partners and Dakota Wealth Management.
• Insider activity included purchases by directors, with David Krall buying 5,125 shares and increasing his ownership by 5.4%, indicating confidence in the company's future performance.

Voya Investment Management LLC decreased its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 35.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,834 shares of the software maker's stock after selling 6,458 shares during the period. Voya Investment Management LLC's holdings in Progress Software were worth $610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PRGS. Advisors Asset Management Inc. increased its stake in Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after buying an additional 604 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Progress Software by 25.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after buying an additional 326 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Progress Software during the first quarter valued at $206,000. Dakota Wealth Management bought a new stake in shares of Progress Software in the first quarter valued at about $224,000. Finally, Cetera Investment Advisers grew its holdings in Progress Software by 8.3% during the 4th quarter. Cetera Investment Advisers now owns 4,796 shares of the software maker's stock worth $312,000 after acquiring an additional 367 shares in the last quarter.

Insiders Place Their Bets

In related news, Director David Krall purchased 5,125 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were purchased at an average cost of $48.90 per share, with a total value of $250,612.50. Following the purchase, the director owned 100,090 shares of the company's stock, valued at $4,894,401. This represents a 5.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rainer Gawlick bought 1,710 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the transaction, the director owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by company insiders.

Progress Software Price Performance

NASDAQ:PRGS opened at $41.20 on Friday. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.95 and a beta of 0.68. The firm's fifty day moving average is $45.07 and its two-hundred day moving average is $53.78. 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 Corporation has a one year low of $40.29 and a one year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Monday, June 30th. The software maker reported $1.40 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 firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same period last year, the company earned $1.09 earnings per share. Progress Software's revenue for the quarter was up 35.6% compared to the same quarter last year. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

Analyst Ratings Changes

PRGS has been the topic of several research reports. Guggenheim reissued a "buy" rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen lowered Progress Software from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup cut their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of "Moderate Buy" and an average target price of $73.33.

Progress Software 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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