Swedbank AB Sells 32,843 Shares of Progress Software Co. (NASDAQ:PRGS)

Swedbank AB decreased its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 6.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 441,604 shares of the software maker's stock after selling 32,843 shares during the period. Swedbank AB owned 1.03% of Progress Software worth $29,751,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Leuthold Group LLC raised its holdings in shares of Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker's stock valued at $27,605,000 after buying an additional 371,026 shares during the period. Segall Bryant & Hamill LLC lifted its position in shares of Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock worth $39,728,000 after purchasing an additional 251,125 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker's stock valued at $14,274,000 after purchasing an additional 221,336 shares during the period. Boston Trust Walden Corp grew its holdings in shares of Progress Software by 10.9% in the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock valued at $106,713,000 after purchasing an additional 192,899 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Progress Software by 22.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker's stock worth $46,941,000 after buying an additional 156,796 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PRGS shares. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. Guggenheim increased their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. 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 issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $67.67.

Progress Software Trading Down 0.4 %

NASDAQ:PRGS traded down $0.25 on Tuesday, reaching $69.64. The stock had a trading volume of 414,544 shares, compared to its average volume of 496,526. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 37.24, a P/E/G ratio of 8.73 and a beta of 0.92. The firm's fifty day moving average is $65.16 and its two-hundred day moving average is $58.06. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to analysts' expectations of $176.16 million. During the same quarter in the previous year, the business earned $0.90 EPS. The firm's revenue was up 1.7% on a year-over-year basis. Equities analysts expect that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction 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 $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company's stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

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.