Progress Software Co. (NASDAQ:PRGS) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 64.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 8,252 shares of the software maker's stock after selling 14,790 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Progress Software were worth $556,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Trust Walden Corp boosted its position in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock worth $106,713,000 after buying an additional 192,899 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker's stock valued at $76,465,000 after acquiring an additional 34,318 shares during the period. Principal Financial Group Inc. grew its position in Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock valued at $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker's stock worth $64,985,000 after purchasing an additional 99,479 shares during the period. Finally, Seizert Capital Partners LLC lifted its position in shares of Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker's stock worth $43,463,000 after purchasing an additional 20,355 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRGS. Oppenheimer lifted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. Guggenheim upped their price objective on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. DA Davidson upped their price target on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. 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's stock. According to MarketBeat, Progress Software currently has a consensus rating of "Buy" and an average target price of $67.67.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Progress Software Stock Up 1.3 %

Progress Software stock opened at $68.41 on Friday. The stock has a market cap of $2.94 billion, a PE ratio of 36.58, a P/E/G ratio of 8.52 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The stock's fifty day moving average is $65.79 and its two-hundred day moving average is $58.32. 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 issued its 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 business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business's quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.90 EPS. On average, sell-side analysts expect that Progress Software Co. will post 3.96 EPS for the current fiscal year.

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.