Progress Software Co. (NASDAQ:PRGS) Holdings Reduced by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lessened its holdings in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 6.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 310,448 shares of the software maker's stock after selling 20,202 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.72% of Progress Software worth $20,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PRGS. Entropy Technologies LP bought a new stake in Progress Software during the 1st quarter worth about $480,000. State Board of Administration of Florida Retirement System grew its position in shares of Progress Software by 63.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker's stock worth $1,960,000 after purchasing an additional 13,185 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker's stock worth $25,908,000 after purchasing an additional 19,256 shares during the period. Swedbank AB acquired a new position in Progress Software during the first quarter valued at approximately $10,356,000. Finally, Wedge Capital Management L L P NC bought a new position in shares of Progress Software in the 2nd quarter valued at $1,692,000.

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 shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares of the company's stock, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction on Wednesday, October 23rd. The shares were 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 owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PRGS shares. Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. DA Davidson lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Finally, Wedbush reiterated an "outperform" rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of "Buy" and an average price target of $67.67.

Progress Software Stock Up 0.2 %

NASDAQ PRGS traded up $0.16 during trading on Tuesday, reaching $68.44. 205,656 shares of the company's stock were exchanged, compared to its average volume of 500,150. The company has a 50 day moving average price of $63.14 and a two-hundred day moving average price of $56.85. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $2.94 billion, a P/E ratio of 36.51, a price-to-earnings-growth ratio of 8.53 and a beta of 0.92. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $68.95.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS 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 analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software's revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. On average, equities research analysts anticipate that Progress Software Co. will post 3.96 EPS 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.