Progress Software Co. (NASDAQ:PRGS) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in Progress Software Co. (NASDAQ:PRGS) by 64.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 8,252 shares of the software maker’s stock after selling 14,790 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Progress Software were worth $556,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the second quarter valued at approximately $27,000. GAMMA Investing LLC increased its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the period. Blue Trust Inc. raised its stake in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Progress Software during the 2nd quarter worth $160,000. Finally, Prudent Man Advisors LLC acquired a new position in Progress Software during the third quarter worth about $201,000.

Progress Software Stock Performance

Progress Software stock opened at $68.41 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. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock’s 50 day moving average price is $65.79 and its 200 day moving average price is $58.32. The firm has a market capitalization of $2.94 billion, a PE ratio of 36.58, a price-to-earnings-growth ratio of 8.52 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s 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 completion of the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of “Buy” and an average price target of $67.67.

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.