Wellington Management Group LLP Has $57.22 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Wellington Management Group LLP reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 12.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 878,255 shares of the software maker’s stock after selling 130,154 shares during the period. Wellington Management Group LLP owned 2.03% of Progress Software worth $57,218,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its position in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. boosted its position in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares during the period. Finally, KBC Group NV boosted its position in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares during the period.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 over the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Down 3.1 %

PRGS stock opened at $56.17 on Friday. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market cap of $2.42 billion, a PE ratio of 36.01, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The business’s 50-day simple moving average is $55.89 and its 200 day simple moving average is $62.04.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. Progress Software’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. On average, research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on PRGS shares. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Finally, StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $75.17.

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.