Orion Portfolio Solutions LLC Trims Position in Progress Software Co. (NASDAQ:PRGS)

Orion Portfolio Solutions LLC decreased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 3.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,943 shares of the software maker’s stock after selling 180 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Progress Software were worth $333,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its holdings in shares of Progress Software by 62.1% in the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock valued at $7,521,000 after purchasing an additional 42,773 shares during the period. Seizert Capital Partners LLC lifted its holdings in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after buying an additional 20,355 shares during the period. Lombard Odier Asset Management USA Corp bought a new position in shares of Progress Software during the 2nd quarter worth $494,000. Segall Bryant & Hamill LLC increased its stake in shares of Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after buying an additional 251,125 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after acquiring an additional 156,796 shares in the last quarter.

Progress Software Stock Performance

Shares of PRGS stock opened at $66.22 on Thursday. 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 company has a market cap of $2.84 billion, a PE ratio of 35.41, a PEG ratio of 7.35 and a beta of 0.92. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The business’s fifty day simple moving average is $67.11 and its 200-day simple moving average is $60.13.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. Analysts expect that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Oppenheimer boosted their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. 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 company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $67.67.

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.