Voloridge Investment Management LLC Sells 48,518 Shares of Progress Software Co. (NASDAQ:PRGS)

Voloridge Investment Management LLC reduced its stake in Progress Software Co. (NASDAQ:PRGS) by 15.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 269,888 shares of the software maker’s stock after selling 48,518 shares during the period. Voloridge Investment Management LLC’s holdings in Progress Software were worth $17,583,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. raised its stake in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares in the last quarter. Blue Trust Inc. raised its stake in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares in the last quarter. KBC Group NV raised its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after buying an additional 719 shares in the last quarter. Finally, Assetmark Inc. raised its stake in Progress Software by 6.6% in 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 in the last quarter.

Insider Activity

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 703 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.

Progress Software Trading Down 0.9%

NASDAQ:PRGS opened at $61.28 on Friday. The company’s 50 day moving average price is $58.08 and its 200-day moving average price is $60.81. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 39.28, a PEG ratio of 2.82 and a beta of 0.67.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. During the same quarter in the prior year, the company posted $1.25 earnings per share. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRGS shares. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson decreased their target price 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. Finally, Wall Street Zen downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.33.

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.