Comerica Bank Lowers Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Comerica Bank reduced its holdings in Progress Software Co. (NASDAQ:PRGSGet Rating) by 5.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,340 shares of the software maker’s stock after selling 2,887 shares during the period. Comerica Bank owned about 0.11% of Progress Software worth $2,258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Progress Software by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 4,882,106 shares of the software maker’s stock valued at $229,899,000 after acquiring an additional 20,903 shares during the period. Boston Trust Walden Corp grew its position in shares of Progress Software by 1.8% in the third quarter. Boston Trust Walden Corp now owns 1,609,055 shares of the software maker’s stock valued at $68,465,000 after purchasing an additional 28,454 shares during the period. State Street Corp increased its stake in shares of Progress Software by 3.0% during the first quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock worth $68,740,000 after purchasing an additional 42,824 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Progress Software by 3.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,295,070 shares of the software maker’s stock worth $58,667,000 after purchasing an additional 45,289 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Progress Software by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock worth $58,204,000 after buying an additional 250,733 shares during the last quarter.

Insider Activity

In related news, CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 21st. The stock was sold at an average price of $46.36, for a total value of $231,800.00. Following the transaction, the chief executive officer now directly owns 60,000 shares in the company, valued at $2,781,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Yogesh K. Gupta sold 5,000 shares of the firm’s stock in a transaction dated Friday, October 21st. The stock was sold at an average price of $46.36, for a total transaction of $231,800.00. Following the completion of the sale, the chief executive officer now directly owns 60,000 shares of the company’s stock, valued at approximately $2,781,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 500 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,886 shares in the company, valued at approximately $96,072.84. The disclosure for this sale can be found here. Insiders sold a total of 32,340 shares of company stock valued at $1,643,954 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Progress Software Stock Performance

Shares of Progress Software stock opened at $51.79 on Thursday. The business’s 50 day moving average price is $51.84 and its 200 day moving average price is $48.45. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 7.17 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.30 and a current ratio of 1.30. Progress Software Co. has a one year low of $40.33 and a one year high of $54.23.

Progress Software (NASDAQ:PRGSGet Rating) last announced its quarterly earnings results on Tuesday, January 17th. The software maker reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.03. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The firm had revenue of $159.17 million for the quarter, compared to analysts’ expectations of $163.04 million. During the same quarter in the previous year, the company posted $0.92 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. On average, research analysts predict that Progress Software Co. will post 3.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRGS. Citigroup reduced their target price on Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 3rd. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.75.

Progress Software Company Profile

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

Further Reading

Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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