Progress Software Co. (NASDAQ:PRGS) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in shares of Progress Software Co. (NASDAQ:PRGS) by 5.0% during the third quarter, Holdings Channel reports. The institutional investor owned 12,592 shares of the software maker’s stock after selling 658 shares during the quarter. Amalgamated Bank’s holdings in Progress Software were worth $848,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC grew its stake in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. Blue Trust Inc. increased its holdings in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the last quarter. EntryPoint Capital LLC raised its stake in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Progress Software during the 2nd quarter worth about $160,000.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of recent analyst reports. DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer boosted their price objective 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. Guggenheim increased their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. 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 assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Progress Software presently has a consensus rating of “Buy” and a consensus target price of $67.67.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated 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 of the company’s stock, valued at $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction 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 approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Progress Software Stock Down 1.2 %

PRGS stock opened at $67.25 on Friday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $68.95. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 35.96, a price-to-earnings-growth ratio of 8.64 and a beta of 0.92. The company has a fifty day moving average price of $63.73 and a 200 day moving average price of $57.13.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS 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 analysts’ expectations of $176.16 million. During the same period in the prior year, the company earned $0.90 earnings per share. The business’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.

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.