Mizuho Markets Americas LLC Reduces Stock Position in Progress Software Co. (NASDAQ:PRGS)

Mizuho Markets Americas LLC reduced its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 27.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 659,895 shares of the software maker's stock after selling 243,895 shares during the quarter. Progress Software accounts for about 0.9% of Mizuho Markets Americas LLC's investment portfolio, making the stock its 26th largest holding. Mizuho Markets Americas LLC owned about 1.54% of Progress Software worth $44,457,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the second quarter worth about $27,000. GAMMA Investing LLC lifted its holdings in Progress Software by 76.7% during the 3rd 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 last quarter. Blue Trust Inc. lifted its holdings in Progress Software by 29.2% during the 2nd 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 last quarter. EntryPoint Capital LLC increased its stake in Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker's stock worth $116,000 after acquiring an additional 1,977 shares during the period. Finally, Quest Partners LLC bought a new position in Progress Software during the 2nd quarter worth $160,000.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the firm's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

PRGS has been the topic of several recent analyst reports. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Wedbush reissued an "outperform" rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Finally, Guggenheim boosted 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. 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $67.67.

Progress Software Stock Performance

Shares of NASDAQ:PRGS traded down $0.74 during trading on Friday, hitting $66.51. 292,273 shares of the company were exchanged, compared to its average volume of 497,821. The company has a market cap of $2.85 billion, a PE ratio of 35.57, a P/E/G ratio of 8.59 and a beta of 0.92. The stock has a 50 day moving average of $63.91 and a 200 day moving average of $57.24. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $68.95. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million for the quarter, compared to analysts' expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business's quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, equities research analysts predict that Progress Software Co. will post 3.96 EPS for the current 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.