Progress Software Co. (NASDAQ:PRGS) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 878,255 shares of the software maker's stock after selling 130,154 shares during the period. Wellington Management Group LLP owned 2.03% of Progress Software worth $57,218,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRGS. Assetmark Inc. raised its position in shares of Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after buying an additional 204 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Progress Software by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock valued at $290,000 after purchasing an additional 239 shares during the period. First Trust Advisors LP boosted its stake in shares of Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock valued at $6,248,000 after purchasing an additional 281 shares during the period. Bessemer Group Inc. boosted its stake in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares during the period. Finally, Avantax Advisory Services Inc. raised its holdings in shares of Progress Software by 5.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker's stock valued at $405,000 after acquiring an additional 317 shares in the last quarter.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $0.56 during midday trading on Tuesday, reaching $62.37. 56,858 shares of the stock were exchanged, compared to its average volume of 563,639. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 39.98, a PEG ratio of 2.82 and a beta of 0.67. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The firm has a 50-day simple moving average of $58.99 and a two-hundred day simple moving average of $60.43. 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 earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business's quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. As a group, analysts anticipate that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PRGS shares. DA Davidson decreased their price objective on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a report on Monday, April 14th. Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Finally, Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Insider Activity at Progress Software

In related 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 703 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now owns 8,317 shares of the company's stock, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.