Weiss Asset Management LP Decreases Position in Progress Software Co. (NASDAQ:PRGS)

Weiss Asset Management LP trimmed its position in Progress Software Co. (NASDAQ:PRGS) by 5.8% during the third quarter, Holdings Channel.com reports. The firm owned 248,570 shares of the software maker’s stock after selling 15,373 shares during the period. Weiss Asset Management LP’s holdings in Progress Software were worth $16,746,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Progress Software during the 2nd quarter worth approximately $1,692,000. Lombard Odier Asset Management USA Corp purchased a new stake in Progress Software in the 2nd quarter valued at about $494,000. Seizert Capital Partners LLC grew its position in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after acquiring an additional 20,355 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Progress Software by 22.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after buying an additional 156,796 shares during the period.

Wall Street Analysts Forecast Growth

PRGS has been the topic of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson raised their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $67.67.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Progress Software Trading Down 1.6 %

Shares of PRGS stock opened at $68.65 on Friday. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 36.71, a P/E/G ratio of 7.33 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The firm has a fifty day moving average of $66.64 and a 200-day moving average of $58.93.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the business posted $0.90 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

About Progress Software

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.