Systematic Financial Management LP Sells 22,894 Shares of Progress Software Co. (NASDAQ:PRGS)

Systematic Financial Management LP cut its stake in Progress Software Co. (NASDAQ:PRGS) by 4.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 492,849 shares of the software maker’s stock after selling 22,894 shares during the period. Systematic Financial Management LP’s holdings in Progress Software were worth $26,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the stock. Canada Pension Plan Investment Board bought a new stake in Progress Software in the 2nd quarter valued at $27,000. Blue Trust Inc. grew its stake in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares in the last quarter. EntryPoint Capital LLC increased its position in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares during the period. TFO Wealth Partners LLC raised its stake in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after purchasing an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Progress Software in the 2nd quarter valued at about $160,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer boosted their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Finally, Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Progress Software presently has a consensus rating of “Buy” and a consensus target price of $66.00.

Progress Software Stock Performance

NASDAQ:PRGS opened at $66.30 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $2.84 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 7.32 and a beta of 0.91. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $66.52. The stock’s 50-day simple moving average is $57.67 and its 200 day simple moving average is $53.79.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results 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. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.35%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. On average, analysts anticipate that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $174,185. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,763 shares of company stock worth $765,004. Corporate insiders own 3.40% of the company’s stock.

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.