Geode Capital Management LLC Sells 1,800 Shares of Progress Software Co. (NASDAQ:PRGS)

Geode Capital Management LLC cut its stake in Progress Software Co. (NASDAQ:PRGS) by 0.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,008,484 shares of the software maker’s stock after selling 1,800 shares during the period. Geode Capital Management LLC’s holdings in Progress Software were worth $67,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Leuthold Group LLC lifted its stake in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after buying an additional 371,026 shares during the period. Segall Bryant & Hamill LLC lifted its position in shares of Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares during the period. Marshall Wace LLP grew its holdings in shares of Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Progress Software by 22.1% during 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 purchasing an additional 156,796 shares during the period. Finally, Citigroup Inc. raised its stake in shares of Progress Software by 42.8% in the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after purchasing an additional 147,457 shares in the last quarter.

Analyst Ratings Changes

PRGS has been the topic of a number of recent research reports. DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Guggenheim upped their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer lifted their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Performance

NASDAQ PRGS opened at $66.38 on Friday. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a 50 day moving average of $67.14 and a 200-day moving average of $60.28. 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 firm has a market cap of $2.85 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 7.35 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (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 the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. 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 company posted $0.90 EPS. On average, equities analysts forecast 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 stock in a transaction that occurred on 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 of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 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 corporate insiders.

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.