HighTower Advisors LLC Sells 4,210 Shares of Progress Software Corporation $PRGS

HighTower Advisors LLC decreased its position in Progress Software Corporation (NASDAQ:PRGS) by 31.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,039 shares of the software maker’s stock after selling 4,210 shares during the period. HighTower Advisors LLC’s holdings in Progress Software were worth $466,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in Progress Software by 1.8% in the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after buying an additional 187 shares during the last quarter. LPL Financial LLC raised its position in Progress Software by 1,161.5% in the 1st quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock worth $2,478,000 after buying an additional 44,298 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Progress Software by 9.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock worth $433,000 after buying an additional 694 shares during the last quarter. Natixis Advisors LLC purchased a new position in Progress Software in the 1st quarter worth about $693,000. Finally, Charles Schwab Investment Management Inc. raised its position in Progress Software by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 501,652 shares of the software maker’s stock worth $25,840,000 after buying an additional 9,852 shares during the last quarter.

Insider Activity

In other news, Director David Krall bought 5,125 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was purchased at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the transaction, the director owned 100,090 shares of the company’s stock, valued at $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 5,529 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. The trade was a 11.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRGS. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. DA Davidson boosted their target price on Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, July 1st. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Finally, Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research report on Friday, June 27th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $73.33.

Progress Software Trading Down 0.0%

Shares of NASDAQ:PRGS opened at $46.29 on Friday. The stock has a 50 day moving average of $49.81 and a 200 day moving average of $55.52. The company has a market cap of $2.00 billion, a PE ratio of 35.34, a price-to-earnings-growth ratio of 2.19 and a beta of 0.70. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 12-month low of $42.88 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%.The company had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. During the same period in the previous year, the company posted $1.09 EPS. The firm’s revenue was up 35.6% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, equities research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

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.