Progress Software Co. (NASDAQ:PRGS) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP lowered its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 36.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,605 shares of the software maker's stock after selling 27,739 shares during the period. Bridgewater Associates LP owned approximately 0.11% of Progress Software worth $3,207,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software during the second quarter worth $27,000. GAMMA Investing LLC boosted 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 buying an additional 485 shares during the last quarter. Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 371 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Progress Software during the second quarter worth about $160,000. Finally, Prudent Man Advisors LLC acquired a new position in shares of Progress Software in the third quarter worth about $201,000.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of recent analyst reports. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. DA Davidson raised their price target 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. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Wedbush reiterated an "outperform" rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Oppenheimer boosted 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. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Progress Software presently has a consensus rating of "Buy" and an average target price of $67.67.

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares of the company's stock, valued at approximately $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 can be accessed through this link. 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 in the company, 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. Corporate insiders own 3.40% of the company's stock.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $0.85 during midday trading on Friday, hitting $68.41. The company's stock had a trading volume of 331,249 shares, compared to its average volume of 385,727. The firm has a market cap of $2.93 billion, a P/E ratio of 36.58, a P/E/G ratio of 8.63 and a beta of 0.92. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The firm's fifty day moving average price is $66.01 and its 200-day moving average price is $58.50. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued 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 return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the firm posted $0.90 earnings per share. Progress Software's quarterly revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal 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.