Progress Software Co. (NASDAQ:PRGS) Shares Sold by PEAK6 Investments LLC

PEAK6 Investments LLC reduced its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 83.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,877 shares of the software maker's stock after selling 19,680 shares during the quarter. PEAK6 Investments LLC's holdings in Progress Software were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Assetmark Inc. raised its holdings in Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock worth $209,000 after acquiring an additional 286 shares during the last quarter. Blue Trust Inc. raised its position in Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock worth $87,000 after buying an additional 371 shares during the last quarter. GAMMA Investing LLC lifted its stake in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after acquiring an additional 485 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software during the 2nd quarter valued at about $27,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker's stock worth $1,991,000 after acquiring an additional 559 shares during the period.

Progress Software Trading Down 1.0 %

NASDAQ PRGS traded down $0.68 during trading hours on Thursday, hitting $69.09. 397,312 shares of the company were exchanged, compared to its average volume of 495,854. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. 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 stock has a 50-day moving average price of $66.58 and a 200 day moving average price of $58.86. The stock has a market cap of $2.96 billion, a PE ratio of 37.31, a price-to-earnings-growth ratio of 7.33 and a beta of 0.92.

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 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 business had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The business's revenue for the quarter was up 1.7% on a year-over-year basis. Analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Insider Transactions at Progress Software

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

Analysts Set New Price Targets

A number of equities research analysts have commented on PRGS shares. Wedbush reiterated an "outperform" rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Oppenheimer boosted their price target on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. Guggenheim increased their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. Finally, StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. One investment 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. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $67.67.

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.