Dynamic Technology Lab Private Ltd Sells 18,330 Shares of Progress Software Co. (NASDAQ:PRGS)

Dynamic Technology Lab Private Ltd lowered its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 62.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 10,920 shares of the software maker's stock after selling 18,330 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Progress Software were worth $711,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Tuesday, April 1st. Jefferies Financial Group lifted their price objective on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. DA Davidson restated a "buy" rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup boosted their price target on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Finally, StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,185 shares of company stock worth $1,024,193. Corporate insiders own 3.40% of the company's stock.

Progress Software Price Performance

NASDAQ PRGS traded up $0.40 during trading hours on Friday, reaching $57.24. 124,901 shares of the company's stock were exchanged, compared to its average volume of 553,756. The firm has a fifty day moving average of $55.89 and a 200-day moving average of $61.96. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock has a market cap of $2.46 billion, a PE ratio of 36.45, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

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

About Progress Software

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.