Progress Software Co. (NASDAQ:PRGS) Shares Sold by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd lowered its position in Progress Software Co. (NASDAQ:PRGS) by 62.7% during the fourth quarter, HoldingsChannel reports. The firm owned 10,920 shares of the software maker’s stock after selling 18,330 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Progress Software were worth $711,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Pacer Advisors Inc. boosted its position in Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after purchasing an additional 45,246 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Progress Software in the third quarter valued at approximately $575,000. Finally, GAMMA Investing LLC lifted its position in Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares in the last quarter.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Wedbush restated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Finally, Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.17.

Progress Software Price Performance

Shares of PRGS opened at $56.17 on Monday. The firm has a 50-day simple moving average of $55.89 and a two-hundred day simple moving average of $62.07. The stock has a market cap of $2.42 billion, a PE ratio of 36.01, a P/E/G ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

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

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.