State of Alaska Department of Revenue Decreases Stock Position in Progress Software Co. (NASDAQ:PRGS)

State of Alaska Department of Revenue cut its holdings in Progress Software Co. (NASDAQ:PRGS) by 3.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,411 shares of the software maker’s stock after selling 917 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progress Software were worth $1,644,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. GHP Investment Advisors Inc. boosted its position in shares of Progress Software by 12.5% during the third quarter. GHP Investment Advisors Inc. now owns 100,380 shares of the software maker’s stock valued at $6,763,000 after buying an additional 11,138 shares during the last quarter. Foundations Investment Advisors LLC purchased a new position in Progress Software in the 3rd quarter worth about $248,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after acquiring an additional 99,479 shares during the last quarter. Inspire Advisors LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $237,000. Finally, Creative Planning raised its holdings in shares of Progress Software by 20.1% during the third quarter. Creative Planning now owns 7,774 shares of the software maker’s stock valued at $524,000 after purchasing an additional 1,300 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRGS shares. Guggenheim increased their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted 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 reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $67.67.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of Progress Software 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 owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Progress Software Price Performance

NASDAQ PRGS opened at $64.35 on Friday. 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 business’s fifty day moving average is $62.09 and its 200 day moving average is $56.11. The company has a market capitalization of $2.76 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 8.11 and a beta of 0.92. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $67.89.

Progress Software (NASDAQ:PRGS) last announced 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. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts predict that Progress Software Co. will post 3.95 earnings per share for the current year.

Progress Software 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.