Wellington Management Group LLP Decreases Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Wellington Management Group LLP lowered its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 15.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,008,409 shares of the software maker's stock after selling 178,166 shares during the period. Wellington Management Group LLP owned about 2.35% of Progress Software worth $67,937,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in shares of Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock worth $209,000 after purchasing an additional 286 shares during the period. Blue Trust Inc. raised its position 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 purchasing an additional 371 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after buying an additional 485 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $27,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Progress Software by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker's stock valued at $1,991,000 after buying an additional 559 shares during the period.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $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 available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on PRGS shares. DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. 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 note on Wednesday, September 25th. Wedbush reissued an "outperform" rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Finally, Oppenheimer increased 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. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $67.67.

Progress Software Stock Up 1.0 %

Shares of NASDAQ PRGS traded up $0.67 on Wednesday, reaching $69.25. 536,219 shares of the company's stock traded hands, compared to its average volume of 495,403. The business's 50 day simple moving average is $66.77 and its two-hundred day simple moving average is $59.41. 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 $2.97 billion, a price-to-earnings ratio of 37.03, a price-to-earnings-growth ratio of 7.36 and a beta of 0.92. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $176.16 million. During the same quarter last year, the company earned $0.90 EPS. The firm's revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal 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.