UniSuper Management Pty Ltd Sells 13,300 Shares of Progress Software Co. (NASDAQ:PRGS)

UniSuper Management Pty Ltd reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 11.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,900 shares of the software maker's stock after selling 13,300 shares during the quarter. UniSuper Management Pty Ltd owned 0.24% of Progress Software worth $6,834,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in Progress Software during the third quarter worth about $932,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Progress Software by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker's stock worth $32,267,000 after buying an additional 17,448 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Progress Software in the 3rd quarter worth approximately $575,000. Quantbot Technologies LP lifted its holdings in shares of Progress Software by 62.7% during the third quarter. Quantbot Technologies LP now owns 30,109 shares of the software maker's stock valued at $2,028,000 after acquiring an additional 11,607 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Progress Software by 137.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,685 shares of the software maker's stock valued at $1,596,000 after purchasing an additional 13,697 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PRGS shares. DA Davidson reissued a "buy" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Wedbush restated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Jefferies Financial Group raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, January 6th. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Finally, StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. 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 currently has an average rating of "Moderate Buy" and an average target price of $75.17.

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Progress Software Stock Up 9.7 %

Shares of PRGS traded up $5.01 on Tuesday, hitting $56.52. The company's stock had a trading volume of 927,356 shares, compared to its average volume of 536,365. The firm's fifty day moving average price is $55.83 and its 200-day moving average price is $62.08. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 36.13, a P/E/G ratio of 2.82 and a beta of 0.88.

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

Insider Activity

In related news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now owns 7,613 shares of the company's stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock worth $984,621 over the last three months. 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.