Cornercap Investment Counsel Inc. Decreases Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Cornercap Investment Counsel Inc. trimmed its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 59.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,593 shares of the software maker's stock after selling 13,815 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Progress Software were worth $646,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions 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 grew its holdings in Progress Software by 76.7% in 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 during the period. Blue Trust Inc. grew 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 worth $87,000 after purchasing an additional 371 shares during the period. EntryPoint Capital LLC lifted its holdings in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker's stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $160,000.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ian Pitt sold 1,747 shares of Progress Software 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Progress Software Stock Performance

Shares of Progress Software stock traded down $0.74 during trading hours on Friday, reaching $66.51. 292,273 shares of the stock traded hands, compared to its average volume of 497,821. Progress Software Co. has a one year low of $48.00 and a one year high of $68.95. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 35.57, a P/E/G ratio of 8.59 and a beta of 0.92. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a 50 day moving average price of $63.91 and a 200 day moving average price of $57.24.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating 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 company 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 posted $0.90 earnings per share. The firm's quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts expect that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

PRGS has been the subject of a number of analyst reports. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. 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. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. Finally, Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Progress Software has a consensus rating of "Buy" and an average target price of $67.67.

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.