Y Intercept Hong Kong Ltd Decreases Stock Position in Progress Software Co. (NASDAQ:PRGS)

Y Intercept Hong Kong Ltd lowered its position in shares of Progress Software Co. (NASDAQ:PRGS) by 76.5% during the third quarter, HoldingsChannel reports. The firm owned 5,786 shares of the software maker’s stock after selling 18,855 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Progress Software were worth $390,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after purchasing an additional 34,318 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after acquiring an additional 99,479 shares in the last quarter. Seizert Capital Partners LLC increased its position in shares of Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares in the last quarter.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Progress Software Trading Up 0.3 %

Shares of NASDAQ PRGS opened at $69.11 on Tuesday. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 36.96, a price-to-earnings-growth ratio of 7.35 and a beta of 0.92. The stock’s 50 day simple moving average is $67.06 and its 200 day simple moving average is $59.96. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. Progress Software’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. Equities research analysts expect that Progress Software Co. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and a consensus target price of $67.67.

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.