Marshall Wace LLP Sells 352,934 Shares of Progress Software Co. (NASDAQ:PRGS)

Marshall Wace LLP lessened its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 79.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,671 shares of the software maker's stock after selling 352,934 shares during the period. Marshall Wace LLP owned 0.21% of Progress Software worth $5,907,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. EAM Global Investors LLC acquired a new stake in Progress Software during the fourth quarter worth approximately $4,241,000. Defined Financial Planning LLC purchased a new stake in Progress Software in the fourth quarter valued at approximately $339,000. Mariner LLC raised its stake in Progress Software by 1.3% during the fourth quarter. Mariner LLC now owns 50,798 shares of the software maker's stock worth $3,309,000 after purchasing an additional 666 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of 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 last quarter. Finally, LSV Asset Management grew its stake in shares of Progress Software by 55.7% during the 4th quarter. LSV Asset Management now owns 358,449 shares of the software maker's stock valued at $23,353,000 after buying an additional 128,249 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wedbush reissued an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Jefferies Financial Group raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Finally, DA Davidson decreased their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and a consensus price target of $74.33.

Progress Software Stock Performance

Shares of Progress Software stock traded up $0.20 on Tuesday, reaching $59.38. 59,501 shares of the company were exchanged, compared to its average volume of 555,125. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 38.07, a P/E/G ratio of 2.82 and a beta of 0.85. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The company's 50-day moving average is $55.86 and its two-hundred day moving average is $61.23.

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

Insider Buying and Selling

In other news, insider Ian Pitt sold 703 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. This trade represents a 7.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,613 shares of company stock worth $1,107,403. Corporate insiders own 3.40% of the company's stock.

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.