Amalgamated Bank Cuts Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Amalgamated Bank lowered its position in shares of Progress Software Co. (NASDAQ:PRGS) by 5.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,592 shares of the software maker’s stock after selling 658 shares during the quarter. Amalgamated Bank’s holdings in Progress Software were worth $848,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PRGS. Canada Pension Plan Investment Board purchased a new position in Progress Software in the 2nd quarter valued at $27,000. GAMMA Investing LLC lifted its stake in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares in the last quarter. Blue Trust Inc. boosted its position in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares during the last quarter. EntryPoint Capital LLC boosted 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 last quarter. Finally, Quest Partners LLC purchased a new stake in Progress Software during the 2nd quarter valued at about $160,000.

Analyst Ratings Changes

PRGS has been the topic of a number of research reports. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer lifted their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim lifted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, DA Davidson boosted their price target 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of “Buy” and a consensus target price of $67.67.

Progress Software Stock Performance

NASDAQ PRGS opened at $67.25 on Friday. The stock has a fifty day simple moving average of $63.73 and a 200-day simple moving average of $57.13. 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 stock has a market cap of $2.89 billion, a PE ratio of 35.96, a P/E/G ratio of 8.64 and a beta of 0.92. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $68.95.

Progress Software (NASDAQ:PRGS) last announced its 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. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. 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 firm posted $0.90 earnings per share. Progress Software’s revenue was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of the firm’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 transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.