Progress Software Corporation $PRGS Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 16.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 988,572 shares of the software maker’s stock after selling 190,144 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.30% of Progress Software worth $40,601,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Qube Research & Technologies Ltd purchased a new position in Progress Software in the 3rd quarter valued at approximately $16,324,000. Marshall Wace LLP grew its stake in Progress Software by 732.6% during the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock worth $15,700,000 after purchasing an additional 314,459 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in Progress Software by 145.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock worth $20,410,000 after purchasing an additional 275,205 shares during the period. Goldman Sachs Group Inc. raised its position in Progress Software by 75.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Finally, LSV Asset Management raised its position in Progress Software by 183.0% in the 3rd quarter. LSV Asset Management now owns 362,000 shares of the software maker’s stock valued at $15,903,000 after purchasing an additional 234,100 shares in the last quarter.

Analysts Set New Price Targets

PRGS has been the subject of a number of analyst reports. DA Davidson lowered their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Oppenheimer reduced their target price on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday. Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Jefferies Financial Group dropped their price objective on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, Citigroup reduced their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 6,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the sale, the chief financial officer directly owned 48,802 shares of the company’s stock, valued at approximately $1,952,080. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sundar Subramanian sold 1,600 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the sale, the executive vice president owned 15,542 shares of the company’s stock, valued at $594,947.76. This trade represents a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,546 shares of company stock valued at $1,171,546. 3.40% of the stock is owned by insiders.

Progress Software Stock Up 2.7%

Shares of NASDAQ PRGS opened at $25.76 on Friday. The business has a 50-day moving average price of $36.72 and a 200 day moving average price of $40.84. The stock has a market cap of $1.08 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. The company has a quick ratio of 0.49, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software Corporation has a 52-week low of $23.82 and a 52-week high of $65.50.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, topping the consensus estimate of $1.57 by $0.03. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.31 earnings per share. Equities research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

About Progress Software

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.