Progress Software Co. (NASDAQ:PRGS) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 12.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 920,640 shares of the software maker's stock after selling 124,989 shares during the quarter. Renaissance Technologies LLC owned 2.12% of Progress Software worth $59,980,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PRGS. Smartleaf Asset Management LLC lifted its position in shares of Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after buying an additional 619 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock worth $126,000 after buying an additional 301 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after acquiring an additional 394 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PRGS shares. Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a report on Monday, January 6th. Wedbush restated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, DA Davidson cut their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday. 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.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.33.

Insider Buying and Selling at Progress Software

In related news, insider Ian Pitt sold 703 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. This trade represents a 7.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,185 shares of company stock valued at $1,024,193. 3.40% of the stock is owned by corporate insiders.

Progress Software Stock Performance

PRGS traded down $0.24 on Tuesday, hitting $57.22. 78,694 shares of the company traded hands, compared to its average volume of 553,092. The company has a 50 day moving average of $55.89 and a 200-day moving average of $61.83. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a market capitalization of $2.46 billion, a PE ratio of 36.68, a PEG ratio of 2.82 and a beta of 0.85. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

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 the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company's revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the company earned $1.25 earnings per share. Sell-side analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current 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.