Progress Software Co. (NASDAQ:PRGS) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its holdings in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 76.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,786 shares of the software maker's stock after selling 18,855 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Progress Software were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRGS. Victory Capital Management Inc. boosted its stake in Progress Software by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker's stock worth $7,521,000 after purchasing an additional 42,773 shares during the period. Seizert Capital Partners LLC boosted its stake in Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker's stock worth $43,463,000 after purchasing an additional 20,355 shares during the period. Lombard Odier Asset Management USA Corp bought a new position in Progress Software in the 2nd quarter worth approximately $494,000. Segall Bryant & Hamill LLC boosted its position in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock valued at $39,728,000 after acquiring an additional 251,125 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of 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 valued at $46,941,000 after acquiring an additional 156,796 shares during the last quarter.

Progress Software Stock Down 0.4 %

PRGS stock traded down $0.25 during trading on Tuesday, reaching $68.86. 348,113 shares of the company traded hands, compared to its average volume of 491,980. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The business has a 50 day simple moving average of $67.12 and a 200 day simple moving average of $60.09. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 7.35 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business'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 sale, the chief financial officer now owns 33,774 shares of the company's stock, 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. 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.