Marshall Wace LLP Cuts Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Marshall Wace LLP decreased its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 79.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,671 shares of the software maker's stock after selling 352,934 shares during the period. Marshall Wace LLP owned about 0.21% of Progress Software worth $5,907,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PRGS. Bessemer Group Inc. lifted its stake in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after acquiring an additional 296 shares during the last quarter. Smartleaf Asset Management LLC increased 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 worth $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC raised its position in 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 during the last quarter. Blue Trust Inc. boosted its stake in shares of Progress Software by 23.2% during 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 grew its holdings in shares of Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after purchasing an additional 719 shares during the last quarter.

Progress Software Trading Up 0.1 %

PRGS stock traded up $0.04 during midday trading on Friday, hitting $59.11. The stock had a trading volume of 598,497 shares, compared to its average volume of 558,203. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market cap of $2.54 billion, a P/E ratio of 37.89, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The business has a fifty day moving average price of $55.81 and a two-hundred day moving average price of $61.30. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released 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 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 firm posted $1.25 earnings per share. The firm's revenue was up 28.9% on a year-over-year basis. On average, sell-side analysts predict that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were 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 in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the firm's stock in a transaction on 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 directly 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. Over the last ninety days, insiders sold 18,185 shares of company stock worth $1,024,193. 3.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRGS. DA Davidson dropped their price objective on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush reaffirmed an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Guggenheim restated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Finally, StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Two equities research 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.com, Progress Software currently has an average rating of "Moderate Buy" and a consensus price target of $74.33.

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.