Barclays PLC Sells 2,321,347 Shares of Progress Software Co. (NASDAQ:PRGS)

Barclays PLC reduced its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 89.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 283,749 shares of the software maker's stock after selling 2,321,347 shares during the period. Barclays PLC owned approximately 0.65% of Progress Software worth $18,486,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its position in Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after buying an additional 1,140,626 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Progress Software in the 4th quarter valued at $15,432,000. Norges Bank acquired a new stake in shares of Progress Software during the 4th quarter valued at $9,699,000. Arrowstreet Capital Limited Partnership grew its position in Progress Software by 228.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker's stock worth $13,581,000 after acquiring an additional 144,892 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Progress Software by 55.7% in the 4th quarter. LSV Asset Management now owns 358,449 shares of the software maker's stock worth $23,353,000 after purchasing an additional 128,249 shares in the last quarter.

Progress Software Trading Down 0.2 %

Progress Software stock traded down $0.09 during trading hours on Friday, reaching $58.98. 211,318 shares of the company's stock were exchanged, compared to its average volume of 554,762. The firm's 50 day simple moving average is $55.78 and its 200 day simple moving average is $61.38. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $2.54 billion, a PE ratio of 37.80, a PEG ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates 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 firm's revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. Research analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares of the company's stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred 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 transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,185 shares of company stock valued at $1,024,193. Company insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Guggenheim reissued a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Jefferies Financial Group lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, January 6th. DA Davidson decreased their price target on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. StockNews.com cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $74.33.

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.