Progress Software Co. (NASDAQ:PRGS) Stock Holdings Reduced by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co cut its position in shares of Progress Software Co. (NASDAQ:PRGS) by 5.1% in the fourth quarter, Holdings Channel reports. The firm owned 63,830 shares of the software maker’s stock after selling 3,421 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Progress Software were worth $4,158,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Progress Software in the 4th quarter valued at $15,432,000. Norges Bank bought a new stake in Progress Software in the fourth quarter worth $9,699,000. Arrowstreet Capital Limited Partnership increased its position in Progress Software by 228.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 208,450 shares of the software maker’s stock worth $13,581,000 after buying an additional 144,892 shares during the last quarter. Finally, LSV Asset Management raised its holdings in Progress Software by 55.7% during the fourth quarter. LSV Asset Management now owns 358,449 shares of the software maker’s stock valued at $23,353,000 after buying an additional 128,249 shares in the last quarter.

Progress Software Trading Up 1.2 %

Shares of PRGS stock opened at $59.07 on Friday. The firm has a market capitalization of $2.54 billion, a P/E ratio of 37.87, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The firm’s fifty day simple moving average is $55.78 and its 200 day simple moving average is $61.38. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on PRGS. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Citigroup increased their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. DA Davidson reduced their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 14th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.33.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 703 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. This represents a 7.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,185 shares of company stock valued at $1,024,193 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

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.