Wedge Capital Management L L P NC Sells 1,784 Shares of Progress Software Co. (NASDAQ:PRGS)

Wedge Capital Management L L P NC cut its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,405 shares of the software maker’s stock after selling 1,784 shares during the period. Wedge Capital Management L L P NC owned approximately 0.07% of Progress Software worth $1,981,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares in the last quarter. BTC Capital Management Inc. purchased a new position in Progress Software during the first quarter worth about $445,000. Allspring Global Investments Holdings LLC boosted its holdings in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares during the last quarter. Principal Financial Group Inc. increased its stake in Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after buying an additional 6,166 shares during the last quarter. Finally, FORA Capital LLC lifted its position in shares of Progress Software by 188.7% during the 1st quarter. FORA Capital LLC now owns 22,263 shares of the software maker’s stock worth $1,187,000 after buying an additional 14,551 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Monday. Jefferies Financial Group reduced their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Finally, Oppenheimer lifted their price objective on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $66.00.

Progress Software Stock Performance

NASDAQ PRGS opened at $67.25 on Thursday. The company’s 50 day moving average is $60.07 and its 200-day moving average is $54.99. The firm has a market cap of $2.88 billion, a P/E ratio of 41.01, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Sell-side analysts predict that Progress Software Co. will post 3.95 earnings per share for the current year.

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.