Prudential Financial Inc. Sells 13,093 Shares of Progress Software Co. (NASDAQ:PRGS)

Prudential Financial Inc. lessened its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 11.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,056 shares of the software maker's stock after selling 13,093 shares during the quarter. Prudential Financial Inc. owned approximately 0.23% of Progress Software worth $6,453,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of PRGS. Vanguard Group Inc. grew its stake in Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after purchasing an additional 45,246 shares in the last quarter. LPL Financial LLC acquired a new stake in Progress Software in the 4th quarter valued at about $248,000. Heron Bay Capital Management grew its holdings in Progress Software by 2.6% during the fourth quarter. Heron Bay Capital Management now owns 71,499 shares of the software maker's stock worth $4,658,000 after purchasing an additional 1,803 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Progress Software during the fourth quarter worth approximately $6,235,000. Finally, Hillsdale Investment Management Inc. bought a new stake in Progress Software in the fourth quarter valued at approximately $3,932,000.

Insider Buying and Selling

In related news, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares of the company's stock, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $984,621 in the last ninety days. 3.40% of the stock is owned by insiders.

Remove Ads

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRGS. Wedbush reiterated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday. DA Davidson reaffirmed a "buy" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Citigroup increased their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Finally, Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $75.17.

Progress Software Price Performance

Shares of NASDAQ PRGS traded up $6.25 during mid-day trading on Tuesday, reaching $57.76. The company had a trading volume of 2,602,285 shares, compared to its average volume of 540,510. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The business's 50-day simple moving average is $55.72 and its 200 day simple moving average is $62.08. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the prior year, the firm posted $1.25 EPS. The firm's quarterly revenue was up 28.9% on a year-over-year basis. On average, research analysts predict that Progress Software Co. will post 4.01 earnings per share 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.