Y Intercept Hong Kong Ltd Lowers Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Y Intercept Hong Kong Ltd cut its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 76.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,786 shares of the software maker’s stock after selling 18,855 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Progress Software were worth $390,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in Progress Software during the 2nd quarter worth $27,000. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during the third 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. lifted its position in Progress Software by 29.2% in the second 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 period. Quest Partners LLC purchased a new stake in Progress Software in the 2nd quarter valued at approximately $160,000. Finally, Prudent Man Advisors LLC acquired a new position in Progress Software during the 3rd quarter worth approximately $201,000.

Wall Street Analysts Forecast Growth

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

Progress Software Trading Up 0.3 %

Progress Software stock opened at $69.11 on Tuesday. The stock has a market cap of $2.97 billion, a PE ratio of 36.96, a P/E/G ratio of 7.35 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. The stock has a 50-day moving average price of $67.06 and a 200 day moving average price of $59.96. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56.

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

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,747 shares of the 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 transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade 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 Company 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.