Mutual of America Capital Management LLC Decreases Holdings in Progress Software Co. (NASDAQ:PRGS)

Mutual of America Capital Management LLC reduced its position in Progress Software Co. (NASDAQ:PRGS) by 9.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,434 shares of the software maker’s stock after selling 670 shares during the period. Mutual of America Capital Management LLC’s holdings in Progress Software were worth $433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Boston Trust Walden Corp grew its holdings in Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after purchasing an additional 192,899 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after buying an additional 34,318 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Progress Software by 4.4% in 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 purchasing an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after buying an additional 99,479 shares during the last quarter. Finally, Seizert Capital Partners LLC raised its position in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares during the period.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now 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. 3.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRGS has been the subject of a number of recent analyst reports. DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $67.67.

Progress Software Price Performance

Progress Software stock opened at $67.56 on Thursday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The company’s fifty day moving average price is $65.39 and its 200 day moving average price is $58.19. The stock has a market capitalization of $2.90 billion, a P/E ratio of 36.47, a P/E/G ratio of 8.82 and a beta of 0.92. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56.

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

About Progress Software

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.