Progress Software Co. (NASDAQ:PRGS) Holdings Trimmed by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its holdings in Progress Software Co. (NASDAQ:PRGS) by 4.4% in the second quarter, Holdings Channel.com reports. The firm owned 1,124,529 shares of the software maker’s stock after selling 52,111 shares during the period. Renaissance Technologies LLC’s holdings in Progress Software were worth $61,017,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Principal Securities Inc. purchased a new stake in Progress Software in the 4th quarter worth about $68,000. Blue Trust Inc. lifted its position 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 worth $87,000 after purchasing an additional 371 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in shares of 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 purchasing an additional 1,977 shares during the period. TFO Wealth Partners LLC grew its position in Progress Software by 225,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software in the 2nd quarter valued at approximately $160,000.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated 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 of the company’s stock, valued at $174,185. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software 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 in the company, valued at approximately $224,040.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,763 shares of company stock worth $765,004. 3.40% of the stock is currently owned by company insiders.

Progress Software Stock Performance

PRGS opened at $58.14 on Wednesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a market cap of $2.49 billion, a PE ratio of 35.52, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91. The stock has a 50-day moving average of $56.81 and a 200-day moving average of $53.37. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $60.33.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The firm had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. As a group, equities research analysts forecast that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PRGS shares. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim restated a “buy” rating and issued a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. DA Davidson reaffirmed a “buy” rating and set a $65.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.50.

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.