Progress Software Corporation (NASDAQ:PRGS) Shares Sold by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC lowered its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 551,174 shares of the software maker’s stock after selling 24,949 shares during the period. Segall Bryant & Hamill LLC owned 1.28% of Progress Software worth $28,391,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. QRG Capital Management Inc. boosted its stake in shares of Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock valued at $546,000 after acquiring an additional 187 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in Progress Software by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock worth $290,000 after buying an additional 239 shares during the last quarter. First Trust Advisors LP boosted its stake in Progress Software by 0.3% in the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock worth $6,248,000 after buying an additional 281 shares during the last quarter. Bessemer Group Inc. boosted its stake in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in Progress Software by 5.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after buying an additional 317 shares during the last quarter.

Progress Software Stock Performance

Shares of NASDAQ:PRGS opened at $47.66 on Wednesday. The company has a market cap of $2.05 billion, a P/E ratio of 36.38, a PEG ratio of 2.31 and a beta of 0.68. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a one year low of $47.56 and a one year high of $70.56. The business’s 50-day simple moving average is $60.30 and its 200 day simple moving average is $58.65.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. The business had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company’s revenue was up 35.6% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS. On average, sell-side analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRGS. Wedbush reissued an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Citigroup reduced their price objective on Progress Software from $64.00 to $57.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, DA Davidson lifted their price objective on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $73.33.

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.