Quest Partners LLC Decreases Holdings in Progress Software Co. (NASDAQ:PRGS)

Quest Partners LLC trimmed its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 9.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,670 shares of the software maker’s stock 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 quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in Progress Software during the second quarter valued at $27,000. GAMMA Investing LLC lifted its holdings in Progress Software by 76.7% during 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. Blue Trust Inc. lifted its holdings in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares in the last quarter. Prudent Man Advisors LLC purchased a new position in Progress Software during the third quarter valued at $201,000. Finally, Neo Ivy Capital Management purchased a new position in Progress Software during the second quarter valued at $204,000.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 1,747 shares of Progress Software 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 sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of Progress Software 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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This 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.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PRGS shares. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. 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 25th. 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 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $67.67.

Progress Software Price Performance

Progress Software stock opened at $67.56 on Thursday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a market cap of $2.90 billion, a P/E ratio of 36.13, a PEG ratio of 8.82 and a beta of 0.92. The company has a 50-day moving average price of $65.39 and a 200 day moving average price of $58.19. 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 (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period last year, the business earned $0.90 earnings per share. Progress Software’s revenue was up 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Progress Software Co. will post 3.96 earnings per share 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.