Alliancebernstein L.P. Sells 16,501 Shares of Progress Software Co. (NASDAQ:PRGS)

Alliancebernstein L.P. lowered its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 13.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 107,233 shares of the software maker’s stock after selling 16,501 shares during the period. Alliancebernstein L.P. owned 0.25% of Progress Software worth $6,986,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Assetmark Inc. increased its holdings in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after buying an additional 204 shares during the last quarter. TD Private Client Wealth LLC increased its stake in shares of Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Progress Software by 5.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock valued at $405,000 after purchasing an additional 317 shares during the period. Blue Trust Inc. lifted its stake in Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Progress Software by 6.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 shares during the period.

Analysts Set New Price Targets

Several research firms have issued reports on PRGS. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Jefferies Financial Group increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

Insider Activity

In related news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This represents a 25.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 703 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares of the company’s stock, valued at $468,163.93. This trade represents a 7.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,185 shares of company stock worth $1,024,193. 3.40% of the stock is currently owned by company insiders.

Progress Software Price Performance

NASDAQ:PRGS opened at $57.70 on Friday. 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 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day simple moving average is $55.89 and its 200 day simple moving average is $61.92. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 36.99, a P/E/G ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. The company had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. As a group, sell-side analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

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.