Progress Software Co. (NASDAQ:PRGS) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA cut its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 265,474 shares of the software maker’s stock after selling 3,514 shares during the quarter. Glenmede Trust Co. NA owned 0.62% of Progress Software worth $17,885,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale lifted its position in Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares during the period. Swedbank AB purchased a new stake in shares of Progress Software in the first quarter worth about $10,356,000. Victory Capital Management Inc. grew its holdings in Progress Software by 62.1% during the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after acquiring an additional 42,773 shares during the period. Wedge Capital Management L L P NC purchased a new position in Progress Software during the second quarter valued at approximately $1,692,000. Finally, Seizert Capital Partners LLC lifted its holdings in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after acquiring an additional 20,355 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Guggenheim upped their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $67.67.

Progress Software Price Performance

Shares of Progress Software stock opened at $67.56 on Friday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The business has a 50 day simple moving average of $65.59 and a two-hundred day simple moving average of $58.26. The stock has a market capitalization of $2.90 billion, a P/E ratio of 36.13, a PEG ratio of 8.52 and a beta of 0.92. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the company earned $0.90 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. As a group, analysts predict that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company’s 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 completion of the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The stock was 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 approximately $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

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.