Progress Software Co. (NASDAQ:PRGS) shares sold by Quest Partners LLC

Quest Partners LLC reduced its stake in Progress Software Co. (NASDAQ:PRGS – Free Report) rose 9.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,670 shares of the software maker, after selling 281 shares during the period. Quest Partners LLC’s holdings in Progress Software were worth $180,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. increased its stake in Progress Software shares by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker, valued at $209,000, after purchasing an additional 286 shares in the last quarter. Blue Trust Inc. increased its stake in Progress Software shares by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker worth $87,000, after purchasing an additional 371 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the second quarter worth approximately $27,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after purchasing an additional 559 shares in the last quarter.

Insider transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction on Wednesday, October 16. The shares sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This means a decrease in their position of 18.76%. The transaction was disclosed in a document filed with the Securities & Exchange Commission and available through the SEC’s website. Insider Ian Pitt also sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55% drop in their position. The explanation of this sale can be found here. Insiders own 3.30% of the company’s shares.

Changes in analyst ratings

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

Read our latest stock report on PRGS

Progress Software shares fell 3.0%

Shares of NASDAQ:PRGS opened at $67.56 on Thursday. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 36.13, a price-to-earnings ratio of 8.82, and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a 50-day simple moving average of $65.39 and a 200-day simple moving average of $58.19.

Progress Software (NASDAQ:PRGS – Get Free Report) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s revenue increased by 1.7% compared to the same quarter last year. During the same quarter of the previous year, the company earned earnings per share of $0.90. On average, stock analysts predict that Progress Software Co. will record a profit per share of 3.96 for the current financial year.

About Progress software

(Free report)

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 which consist of a collection of software development tools 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 that provides cloud-native and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation that delivers intelligent and ROI-driving tools for marketers.

See also

Would you like to see which other hedge funds own PRGS? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Progress Software Co. (NASDAQ:PRGS – Free Report).

Receive daily news and reviews for Progress Software – Enter your email address below to receive a daily digest of the latest news and analyst ratings for Progress Software and related companies with MarketBeat.com’s FREE daily email newsletter.