Exchange Traded Concepts LLC Lowers Stake in Progress Software Corporation $PRGS

Exchange Traded Concepts LLC lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 45.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,533 shares of the software maker’s stock after selling 15,355 shares during the period. Exchange Traded Concepts LLC’s holdings in Progress Software were worth $814,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. DLD Asset Management LP lifted its position in Progress Software by 31.5% during the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock valued at $2,745,120,000 after purchasing an additional 10,300,000 shares during the period. Boston Trust Walden Corp lifted its holdings in Progress Software by 1.9% during the second quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker’s stock valued at $114,703,000 after purchasing an additional 32,874 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock worth $68,155,000 after buying an additional 5,187 shares during the last quarter. Swedbank AB boosted its stake in shares of Progress Software by 65.8% in the first quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock worth $37,538,000 after acquiring an additional 289,122 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Progress Software by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 675,946 shares of the software maker’s stock worth $43,152,000 after purchasing an additional 3,261 shares during the last quarter.

Progress Software Trading Up 1.6%

Shares of Progress Software stock opened at $43.53 on Monday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 39.57, a price-to-earnings-growth ratio of 1.91 and a beta of 0.64. The company’s 50-day simple moving average is $42.93 and its 200-day simple moving average is $46.60. Progress Software Corporation has a 52-week low of $39.00 and a 52-week high of $66.56. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Monday, September 29th. The software maker reported $1.50 EPS for the quarter, beating the consensus estimate of $1.30 by $0.20. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The firm had revenue of $249.80 million during the quarter, compared to analysts’ expectations of $240.11 million. During the same quarter last year, the business earned $1.26 earnings per share. The business’s revenue for the quarter was up 39.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Monday, October 13th. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Jefferies Financial Group cut their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Tuesday, September 30th. Finally, Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insider Activity at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total value of $66,059.28. Following the transaction, the insider directly owned 668 shares of the company’s stock, valued at $30,901.68. This trade represents a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 5,474 shares of Progress Software stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total transaction of $254,376.78. Following the sale, the chief financial officer owned 42,559 shares in the company, valued at $1,977,716.73. This represents a 11.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,311 shares of company stock valued at $339,332 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Progress Software Company Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.