Walleye Trading LLC Sells 11,367 Shares of Progress Software Co. (NASDAQ:PRGS)

Walleye Trading LLC reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 76.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,454 shares of the software maker's stock after selling 11,367 shares during the period. Walleye Trading LLC's holdings in Progress Software were worth $225,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PRGS. Bessemer Group Inc. raised its holdings in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after buying an additional 619 shares during the period. Blue Trust Inc. increased its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after purchasing an additional 394 shares during the period. Finally, KBC Group NV raised its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after buying an additional 719 shares in the last quarter.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,185 shares of company stock worth $1,024,193. 3.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. StockNews.com cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. 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. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, January 6th. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of "Moderate Buy" and a consensus price target of $74.33.

Progress Software Stock Performance

Shares of PRGS stock traded up $0.04 during midday trading on Friday, hitting $59.11. The company had a trading volume of 598,497 shares, compared to its average volume of 558,203. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 37.89, a PEG ratio of 2.82 and a beta of 0.85. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50 day simple moving average is $55.81 and its 200 day simple moving average is $61.27.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company's revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. Research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

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.