Weiss Asset Management LP Sells 15,373 Shares of Progress Software Co. (NASDAQ:PRGS)

Weiss Asset Management LP trimmed its position in shares of Progress Software Co. (NASDAQ:PRGS) by 5.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 248,570 shares of the software maker’s stock after selling 15,373 shares during the period. Weiss Asset Management LP owned 0.58% of Progress Software worth $16,746,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRGS. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the second quarter worth $27,000. GAMMA Investing LLC lifted its stake 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 purchasing an additional 485 shares in the last quarter. Blue Trust Inc. boosted its holdings 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 purchasing an additional 371 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Progress Software during the second quarter valued at about $160,000. Finally, Prudent Man Advisors LLC bought a new stake in shares of Progress Software in the third quarter worth about $201,000.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 7,797 shares of the 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 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 disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PRGS. DA Davidson raised 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. Oppenheimer upped 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. Wedbush reissued an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Progress Software presently has a consensus rating of “Buy” and an average target price of $67.67.

Progress Software Price Performance

NASDAQ PRGS opened at $68.65 on Friday. The firm’s fifty day simple moving average is $66.64 and its two-hundred day simple moving average is $58.93. The firm has a market capitalization of $2.95 billion, a P/E ratio of 36.71, a P/E/G ratio of 7.33 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56.

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