Wellington Management Group LLP Sells 130,154 Shares of Progress Software Co. (NASDAQ:PRGS)

Wellington Management Group LLP lowered its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 878,255 shares of the software maker's stock after selling 130,154 shares during the quarter. Wellington Management Group LLP owned approximately 2.03% of Progress Software worth $57,218,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC purchased a new position in shares of Progress Software in the 3rd quarter worth $575,000. Captrust Financial Advisors grew its stake in Progress Software by 60.1% in the third quarter. Captrust Financial Advisors now owns 27,535 shares of the software maker's stock worth $1,855,000 after purchasing an additional 10,336 shares in the last quarter. Centiva Capital LP acquired a new position in Progress Software in the third quarter worth about $597,000. Wolverine Trading LLC grew its stake in Progress Software by 100.2% in the third quarter. Wolverine Trading LLC now owns 10,047 shares of the software maker's stock worth $666,000 after purchasing an additional 5,028 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new position in Progress Software in the third quarter valued at approximately $406,000.

Insider Activity

In other news, CAO Domenic Lococo sold 1,000 shares of the firm's 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 completion of the sale, the chief accounting officer now owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 703 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now directly owns 8,317 shares of the company's stock, valued at approximately $468,163.93. The trade was a 7.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,185 shares of company stock valued at $1,024,193. Insiders own 3.40% of the company's stock.

Progress Software Stock Performance

PRGS stock traded down $0.75 during mid-day trading on Thursday, reaching $56.63. 119,991 shares of the stock traded hands, compared to its average volume of 552,934. 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 Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The business has a 50-day moving average of $55.88 and a two-hundred day moving average of $61.97. The firm has a market capitalization of $2.44 billion, a PE ratio of 36.39, a P/E/G ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business's quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. As a group, equities analysts predict that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Analyst Ratings Changes

PRGS has been the subject of a number of research reports. StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Citigroup upped their target price on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. Finally, DA Davidson reissued a "buy" rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

Progress Software Company 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.