PEAK6 Investments LLC Sells 19,680 Shares of Progress Software Co. (NASDAQ:PRGS)

PEAK6 Investments LLC lowered its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 83.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,877 shares of the software maker’s stock after selling 19,680 shares during the period. PEAK6 Investments LLC’s holdings in Progress Software were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the second quarter valued at approximately $27,000. GAMMA Investing LLC raised its position in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the last quarter. Blue Trust Inc. raised its position in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Progress Software during the second quarter valued at approximately $160,000. Finally, Prudent Man Advisors LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $201,000.

Progress Software Stock Up 1.6 %

NASDAQ PRGS opened at $69.77 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a fifty day moving average of $66.46 and a two-hundred day moving average of $58.78. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 37.31, a PEG ratio of 7.29 and a beta of 0.92. Progress Software Co. has a 52 week low of $48.00 and a 52 week 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, topping the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. Progress Software’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. On average, analysts predict that Progress Software Co. will post 3.96 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company’s stock.

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.