Cornercap Investment Counsel Inc. Has $646,000 Holdings in Progress Software Co. (NASDAQ:PRGS)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 59.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,593 shares of the software maker’s stock after selling 13,815 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Progress Software were worth $646,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Canada Pension Plan Investment Board bought a new position in Progress Software in the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC grew its position in shares of Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the period. Blue Trust Inc. grew its holdings in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the period. EntryPoint Capital LLC increased its position in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Progress Software during the second quarter valued at approximately $160,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PRGS shares. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer raised their target price on 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 target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. 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 investment 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 company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and an average target price of $67.67.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were 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 owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Progress Software Stock Performance

Shares of Progress Software stock opened at $66.51 on Friday. The firm has a market capitalization of $2.85 billion, a P/E ratio of 35.57, a price-to-earnings-growth ratio of 8.59 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 business’s fifty day simple moving average is $63.91 and its 200 day simple moving average is $57.24. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $68.95.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating 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 company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, analysts anticipate that Progress Software Co. will post 3.96 EPS for the current year.

About Progress Software

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.