Cerity Partners LLC Sells 1,007 Shares of Progress Software Corporation (NASDAQ:PRGS)

Cerity Partners LLC trimmed its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 13.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,537 shares of the software maker’s stock after selling 1,007 shares during the quarter. Cerity Partners LLC’s holdings in Progress Software were worth $337,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PRGS. Bessemer Group Inc. boosted its position in Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC purchased a new position in shares of Progress Software during the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock valued at $84,000 after purchasing an additional 326 shares during the last quarter. LPL Financial LLC purchased a new position in shares of Progress Software during the fourth quarter valued at approximately $248,000. Finally, GeoWealth Management LLC lifted its holdings in shares of Progress Software by 637.6% during the fourth quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker’s stock valued at $253,000 after purchasing an additional 3,354 shares during the last quarter.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $50.81 on Monday. Progress Software Corporation has a twelve month low of $47.42 and a twelve month high of $70.56. The firm has a market cap of $2.19 billion, a P/E ratio of 38.79, a PEG ratio of 2.40 and a beta of 0.68. The company has a 50 day moving average of $58.22 and a 200 day moving average of $57.74. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. During the same period in the previous year, the business earned $1.09 EPS. The firm’s revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts expect that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PRGS shares. DA Davidson lifted their target price on shares of Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 1st. Wedbush reiterated an “outperform” rating and set a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Citigroup lowered their target price on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a report on Tuesday, July 15th. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Finally, Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $73.33.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the sale, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. The trade was a 11.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Krall bought 5,125 shares of the firm’s stock in a transaction on Wednesday, July 23rd. The shares were bought at an average price of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is currently owned by insiders.

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.