Swiss National Bank Sells 1,500 Shares of Progress Software Co. (NASDAQ:PRGS)

Swiss National Bank decreased its holdings in Progress Software Co. (NASDAQ:PRGS) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 83,500 shares of the software maker’s stock after selling 1,500 shares during the quarter. Swiss National Bank’s holdings in Progress Software were worth $5,625,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board bought a new position in Progress Software in the 2nd quarter valued at about $27,000. GAMMA Investing LLC lifted its position in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. Quest Partners LLC bought a new position in shares of Progress Software during the 2nd quarter worth approximately $160,000. Finally, Neo Ivy Capital Management bought a new position in shares of Progress Software during the 2nd quarter worth approximately $204,000.

Analyst Ratings Changes

Several research firms have commented on PRGS. DA Davidson lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush reissued an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Trading Down 3.0 %

NASDAQ:PRGS opened at $67.56 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $2.90 billion, a PE ratio of 36.13, a price-to-earnings-growth ratio of 8.82 and a beta of 0.92. The firm’s 50 day moving average is $65.39 and its 200 day moving average is $58.19. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data 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 net margin of 11.55% and a return on equity of 38.69%. The business had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period in the previous year, the business earned $0.90 EPS. Progress Software’s revenue was up 1.7% compared to the same quarter last year. Sell-side analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the business’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 transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.30% of the stock is owned by company insiders.

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.