Leuthold Group LLC Trims Stake in Progress Software Co. (NASDAQ:PRGS)

Leuthold Group LLC cut its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 12.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,726 shares of the software maker’s stock after selling 5,673 shares during the period. Leuthold Group LLC owned about 0.09% of Progress Software worth $2,101,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Principal Securities Inc. purchased a new position in shares of Progress Software during the 4th quarter valued at about $68,000. Blue Trust Inc. raised its stake in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares during the period. EntryPoint Capital LLC lifted its holdings in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares in the last quarter. TFO Wealth Partners LLC boosted its position in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after purchasing an additional 2,251 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software in the second quarter worth $160,000.

Insiders Place Their Bets

In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Jefferies Financial Group dropped their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Guggenheim reissued a “buy” rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.50.

Progress Software Price Performance

Shares of Progress Software stock opened at $57.67 on Friday. The firm has a market cap of $2.47 billion, a PE ratio of 35.08, a PEG ratio of 7.33 and a beta of 0.91. The stock has a 50 day moving average of $56.98 and a 200 day moving average of $53.43. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $60.33.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. On average, research analysts expect that Progress Software Co. will post 3.91 EPS 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.