Wellington Management Group LLP Sells 130,154 Shares of Progress Software Co. (NASDAQ:PRGS)

Wellington Management Group LLP lowered its holdings in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 12.9% in the fourth quarter, according to its most recent disclosure with the SEC. 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 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PRGS. Assetmark Inc. boosted its stake in Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after purchasing an additional 204 shares during the period. Summit Investment Advisors Inc. boosted its stake in Progress Software by 5.7% in the 4th 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 Progress Software by 0.3% in the 4th 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 Progress Software by 149.5% in the 4th 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 position 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 buying an additional 317 shares in the last quarter.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded up $0.07 during trading on Monday, reaching $61.63. 117,416 shares of the company traded hands, compared to its average volume of 681,247. The company's 50 day moving average is $58.84 and its two-hundred day moving average is $60.46. The firm has a market capitalization of $2.65 billion, a PE ratio of 39.51, a PEG ratio of 2.82 and a beta of 0.67. 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 Co. has a 52 week low of $48.00 and a 52 week high of $70.56.

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 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%. Progress Software's revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 EPS. As a group, sell-side analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 703 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. This represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated 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. 3.40% of the stock is currently owned by 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.