Dynamic Technology Lab Private Ltd Reduces Stake in Progress Software Co. (NASDAQ:PRGS)

Dynamic Technology Lab Private Ltd reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 32.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,250 shares of the software maker’s stock after selling 13,760 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Progress Software were worth $1,971,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PRGS. Cerity Partners LLC bought a new stake in shares of Progress Software during the 3rd quarter valued at $575,000. Citigroup Inc. grew its holdings in Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after buying an additional 147,457 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Progress Software by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock valued at $32,267,000 after buying an additional 17,448 shares during the period. Integrated Investment Consultants LLC purchased a new stake in shares of Progress Software in the third quarter worth about $474,000. Finally, Intech Investment Management LLC bought a new position in shares of Progress Software in the third quarter valued at approximately $932,000.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction 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. This trade represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Progress Software Trading Up 0.9 %

Shares of PRGS stock opened at $69.89 on Tuesday. The stock has a market capitalization of $3.00 billion, a P/E ratio of 37.37, a P/E/G ratio of 8.73 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. 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 firm’s 50 day moving average is $65.16 and its 200 day moving average is $58.06.

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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter last year, the company posted $0.90 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. Research analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRGS. Wedbush restated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer upped their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One equities research 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, the stock has a consensus rating of “Buy” and an average target price 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.