Swedbank AB Sells 32,843 Shares of Progress Software Co. (NASDAQ:PRGS)

Swedbank AB lessened its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 6.9% during the third quarter, Holdings Channel.com reports. The fund owned 441,604 shares of the software maker’s stock after selling 32,843 shares during the period. Swedbank AB’s holdings in Progress Software were worth $29,751,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Progress Software by 1.7% in the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after purchasing an additional 95,594 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Progress Software by 2.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 60,683 shares of the software maker’s stock worth $3,235,000 after acquiring an additional 1,601 shares during the period. BOKF NA acquired a new stake in shares of Progress Software during the 1st quarter worth approximately $307,000. Price T Rowe Associates Inc. MD increased its stake in Progress Software by 15.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,564 shares of the software maker’s stock valued at $1,683,000 after acquiring an additional 4,268 shares during the last quarter. Finally, Delphi Management Inc. MA acquired a new position in Progress Software during the first quarter valued at approximately $1,192,000.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction 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 directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Up 0.9 %

Shares of NASDAQ PRGS opened at $69.89 on Tuesday. The company has a 50 day simple moving average of $65.16 and a 200 day simple moving average of $58.06. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The firm has a market cap of $3.00 billion, a PE ratio of 37.37, a price-to-earnings-growth ratio of 8.73 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping 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 company had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. Progress Software’s revenue was up 1.7% compared to the same quarter last year. On average, research analysts forecast that Progress Software Co. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PRGS shares. DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer boosted their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim raised their price target 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 reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research 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 stock. Based on data from MarketBeat.com, the company currently has an average 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.