Citigroup Inc. Has $33.17 Million Stock Position in Progress Software Co. (NASDAQ:PRGS)

Citigroup Inc. boosted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 42.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 492,384 shares of the software maker’s stock after acquiring an additional 147,457 shares during the quarter. Citigroup Inc. owned 1.15% of Progress Software worth $33,172,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software during the second quarter worth approximately $27,000. GAMMA Investing LLC lifted its position in Progress Software by 76.7% in the 3rd 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 stake in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the period. Quest Partners LLC purchased a new position in shares of Progress Software during the 2nd quarter valued at $160,000. Finally, Prudent Man Advisors LLC acquired a new position in shares of Progress Software in the third quarter worth $201,000.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of research reports. Oppenheimer lifted their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reiterated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $69.89 on Tuesday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a market cap of $3.00 billion, a P/E ratio of 37.37, a P/E/G ratio of 8.73 and a beta of 0.92. The business’s 50 day moving average is $65.16 and its two-hundred day moving average is $58.06. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during 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 quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. On average, equities analysts expect that Progress Software Co. will post 3.96 EPS for the current year.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value 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 represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % 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 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.