New York State Teachers Retirement System Sells 6,569 Shares of Progress Software Corporation (NASDAQ:PRGS)

New York State Teachers Retirement System cut its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 8.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,181 shares of the software maker’s stock after selling 6,569 shares during the quarter. New York State Teachers Retirement System owned approximately 0.17% of Progress Software worth $3,821,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. lifted its stake in shares of Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after buying an additional 296 shares in the last quarter. Orion Capital Management LLC purchased a new stake in Progress Software during the fourth quarter worth about $33,000. Smartleaf Asset Management LLC increased its holdings in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the last quarter. Assetmark Inc. increased its holdings in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after buying an additional 204 shares during the last quarter. Finally, LPL Financial LLC purchased a new stake in Progress Software during the fourth quarter worth about $248,000.

Progress Software Stock Performance

Shares of PRGS stock opened at $54.14 on Monday. Progress Software Corporation has a one year low of $50.68 and a one year high of $70.56. The company’s 50-day moving average is $61.68 and its 200 day moving average is $59.37. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 41.33, a price-to-earnings-growth ratio of 2.57 and a beta of 0.68. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.10. The business had revenue of $237.36 million for the quarter, compared to analysts’ expectations of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.09 EPS. Sell-side analysts expect that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several recent research reports. Citigroup reiterated a “neutral” rating on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Wedbush reissued an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, DA Davidson boosted their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $75.17.

Insider Buying and Selling

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.60% 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.