Bridgewater Associates LP Sells 27,739 Shares of Progress Software Co. (NASDAQ:PRGS)

Bridgewater Associates LP lessened its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 36.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,605 shares of the software maker’s stock after selling 27,739 shares during the quarter. Bridgewater Associates LP’s holdings in Progress Software were worth $3,207,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. lifted its position in Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of 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 last quarter. GAMMA Investing LLC grew its position in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Progress Software in the second quarter valued at $27,000. Finally, Exchange Traded Concepts LLC raised its position in Progress Software by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after purchasing an additional 559 shares in the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Stock Up 1.3 %

Shares of Progress Software stock opened at $68.41 on Friday. The company’s 50 day moving average price is $66.01 and its 200-day moving average price is $58.45. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. 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 stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 36.58, a P/E/G ratio of 8.52 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. Equities research analysts forecast that Progress Software Co. will post 3.96 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Oppenheimer upped their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. DA Davidson increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software presently 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.