Alliancebernstein L.P. Has $6.99 Million Position in Progress Software Co. (NASDAQ:PRGS)

Alliancebernstein L.P. decreased its holdings in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 13.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 107,233 shares of the software maker's stock after selling 16,501 shares during the period. Alliancebernstein L.P. owned approximately 0.25% of Progress Software worth $6,986,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC lifted its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after buying an additional 688 shares during the period. GAMMA Investing LLC boosted its stake in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after acquiring an additional 619 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after purchasing an additional 301 shares during the period. Blue Trust Inc. increased its stake in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after purchasing an additional 394 shares in the last quarter. Finally, KBC Group NV increased its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after purchasing an additional 719 shares in the last quarter.

Progress Software Stock Down 0.2 %

Progress Software stock traded down $0.11 during midday trading on Thursday, reaching $55.97. The stock had a trading volume of 44,173 shares, compared to its average volume of 552,692. 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 quick ratio of 0.81 and a current ratio of 0.81. The firm's fifty day simple moving average is $55.87 and its 200-day simple moving average is $61.76. The stock has a market capitalization of $2.41 billion, a P/E ratio of 35.88, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85.

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

Analyst Upgrades and Downgrades

PRGS has been the subject of several research analyst reports. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Wedbush restated an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Finally, DA Davidson dropped their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Monday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares of the company's stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,185 shares of company stock worth $1,024,193. Insiders own 3.60% of the company's stock.

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.