Verition Fund Management LLC Sells 2,701,547 Shares of Progress Software Co. (NASDAQ:PRGS)

Verition Fund Management LLC decreased its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 99.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,453 shares of the software maker's stock after selling 2,701,547 shares during the period. Verition Fund Management LLC's holdings in Progress Software were worth $435,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRGS. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the 2nd quarter valued at about $27,000. GAMMA Investing LLC lifted its position in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after purchasing an additional 485 shares during the last quarter. Blue Trust Inc. raised its holdings in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after buying an additional 371 shares during the last quarter. Quest Partners LLC purchased a new stake in Progress Software in the second quarter worth about $160,000. Finally, Prudent Man Advisors LLC purchased a new stake in Progress Software in the third quarter worth about $201,000.

Progress Software Stock Down 1.0 %

NASDAQ:PRGS traded down $0.73 during mid-day trading on Friday, hitting $68.90. The company had a trading volume of 160,470 shares, compared to its average volume of 492,788. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 36.84, a PEG ratio of 7.39 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 company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The business has a fifty day simple moving average of $67.00 and a 200-day simple moving average of $59.68.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PRGS shares. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Oppenheimer boosted their price target on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Wedbush restated an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $67.67.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the business's stock in a transaction 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 owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. Company 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.