Progress Software Co. (NASDAQ:PRGS) Stock Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 8.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 490,002 shares of the software maker's stock after selling 42,497 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.14% of Progress Software worth $33,011,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Leuthold Group LLC increased its stake in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker's stock valued at $27,605,000 after purchasing an additional 371,026 shares during the period. Swedbank AB increased its position in Progress Software by 144.2% in the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker's stock valued at $25,743,000 after acquiring an additional 280,195 shares during the period. Segall Bryant & Hamill LLC increased its position in Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock valued at $39,728,000 after acquiring an additional 251,125 shares during the period. Marshall Wace LLP raised its stake in Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker's stock valued at $14,274,000 after acquiring an additional 221,336 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its position in Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock worth $106,713,000 after acquiring an additional 192,899 shares during the period.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PRGS shares. DA Davidson lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Guggenheim boosted their price target on shares of 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 shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Oppenheimer boosted 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. Finally, Wedbush reiterated an "outperform" rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $67.67.

Progress Software Price Performance

PRGS stock traded up $0.85 on Friday, hitting $68.41. 331,249 shares of the company's stock traded hands, compared to its average volume of 495,814. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 36.58, a P/E/G ratio of 8.52 and a beta of 0.92. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The stock has a fifty day moving average of $66.01 and a 200-day moving average of $58.45.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data 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 during 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 company's revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. On average, analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the company's stock in a transaction that occurred 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 approximately $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred 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 transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

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.