Progress Software Co. (NASDAQ:PRGS) Shares Sold by F M Investments LLC

F M Investments LLC lessened its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 57.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 53,643 shares of the software maker’s stock after selling 71,463 shares during the period. F M Investments LLC’s holdings in Progress Software were worth $3,495,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Progress Software during the fourth quarter valued at approximately $15,432,000. Martingale Asset Management L P boosted its stake in shares of Progress Software by 1.4% in the fourth quarter. Martingale Asset Management L P now owns 43,654 shares of the software maker’s stock worth $2,844,000 after acquiring an additional 620 shares during the last quarter. Bank of Nova Scotia increased its position in shares of Progress Software by 9.2% during the fourth quarter. Bank of Nova Scotia now owns 139,344 shares of the software maker’s stock worth $9,078,000 after purchasing an additional 11,704 shares in the last quarter. Invesco Ltd. raised its stake in Progress Software by 0.7% in the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock valued at $52,284,000 after purchasing an additional 5,474 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in Progress Software by 39.9% in the 4th quarter. Wedbush Securities Inc. now owns 5,397 shares of the software maker’s stock valued at $352,000 after purchasing an additional 1,538 shares in the last quarter.

Insider Buying and Selling

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was 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 in the company, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Pitt sold 703 shares of Progress Software 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 completion of the sale, the insider now directly owns 8,317 shares of the company’s stock, valued at $468,163.93. The trade was a 7.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,185 shares of company stock valued at $1,024,193. 3.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRGS shares. Jefferies Financial Group increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Finally, Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.17.

Progress Software Stock Down 0.9 %

Shares of NASDAQ PRGS opened at $56.84 on Friday. The company has a market capitalization of $2.45 billion, a P/E ratio of 36.44, 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 current ratio of 0.81 and a quick ratio of 0.81. The company has a 50 day simple moving average of $55.89 and a 200-day simple moving average of $61.96. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. During the same quarter last year, the firm earned $1.25 earnings per share. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, equities research analysts predict that Progress Software Co. will post 4.01 earnings per share for the current 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.